Magellan Midstream Extends Open Season for Potential Little Rock Pipeline to
TULSA, Okla., Oct. 30, 2013
TULSA, Okla., Oct. 30, 2013 /PRNewswire/ --Magellan Midstream Partners, L.P.
(NYSE: MMP) announced today an extension of the open season to solicit
capacity commitments from shippers to transport refined petroleum products to
Little Rock, Arkansas. Industry feedback continues to be positive, and
Magellan management remains optimistic about the prospects for this project.
Binding commitments are now due by 5:00 p.m. Central Time on Nov. 20, 2013.
The extension provides potential shippers additional time to make commitments.
As previously announced, Magellan is assessing customer interest to transport
up to 75,000 barrels per day of gasoline, diesel fuel and jet fuel from the
partnership's Ft. Smith, Arkansas terminal, providing the Little Rock market
access to refined products from Mid-Continent and Gulf Coast refineries via
Magellan's extensive refined petroleum products pipeline system. The potential
project includes construction of an approximately 160-mile, 12-inch diameter
pipeline from Magellan's Ft. Smith terminal to the Little Rock market.
Subject to the results of this open season and receipt of the necessary
permits and regulatory approval, the potential pipeline could be operational
in the third quarter of 2015.
For customer inquiries regarding the open season, please contact Fred Neeley
at (918) 574-7441 or firstname.lastname@example.org. More information about the
open season is available at www.magellanlp.com/tariffs.aspx.
About Magellan Midstream Partners, L.P.
Magellan Midstream Partners, L.P. (NYSE: MMP) is a publicly traded partnership
that primarily transports, stores and distributes refined petroleum products
and crude oil. The partnership owns the longest refined petroleum products
pipeline system in the country, with access to more than 40% of the nation's
refining capacity, and can store over 80 million barrels of petroleum products
such as gasoline, diesel fuel and crude oil. More information is available at
Portions of this document constitute forward-looking statements as defined by
federal law. Although management of Magellan Midstream Partners, L.P. believes
any such statements are based on reasonable assumptions, there is no assurance
that actual outcomes will not be materially different. Among the key risk
factors associated with the project that may have a direct impact on the
partnership's results of operations and financial condition are: (1) the
ability to obtain all required customer commitments, permits and regulatory
approvals on time; (2) the ability to complete construction of the project on
time and at expected costs; (3) price fluctuations and overall demand for
refined petroleum products; (4) changes in the company's tariff rates or other
terms imposed by state or federal regulatory agencies; (5) the occurrence of
an operational hazard or unforeseen interruption; (6) disruption in the debt
and equity markets that negatively impacts the company's ability to finance
capital spending and (7) failure of customers to meet or continue contractual
obligations to the company. Additional information about issues that could
lead to material changes in performance is contained in the partnership's
filings with the Securities and Exchange Commission. Magellan undertakes no
obligation to revise these forward-looking statements to reflect events or
circumstances occurring after today's date.
Contact: Investors: Media:
Paula Farrell Bruce Heine
(918) 574-7650 (918) 574-7010
SOURCE Magellan Midstream Partners, L.P.
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