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Magellan Midstream Closes Rocky Mountain Pipeline Acquisition



        Magellan Midstream Closes Rocky Mountain Pipeline Acquisition

PR Newswire

TULSA, Okla., Nov. 15, 2013

TULSA, Okla., Nov. 15, 2013 /PRNewswire/ -- Magellan Midstream Partners, L.P.
(NYSE: MMP) announced today that it has closed on its previously-announced
acquisition of Rocky Mountain pipeline assets from Plains All American
Pipeline, L.P. (NYSE: PAA).

The pipeline system includes approximately 550 miles of common carrier
pipeline that distributes refined petroleum products in Colorado, South Dakota
and Wyoming. The system includes 4 terminals with nearly 1.7 million barrels
of storage.

"This Rocky Mountain pipeline system is a strategic fit with Magellan's
existing asset footprint, leveraging our refined products expertise and
existing customer relationships while extending the reach of our pipeline
system to allow us to serve new geographic markets," said Michael Mears, chief
executive officer.

Magellan funded the $135 million purchase price primarily with proceeds from
the partnership's recent debt offering.

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
www.magellanlp.com.

Forward-Looking Statement Disclaimer
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, actual outcomes may
be materially different. Among the key risk factors associated with the
acquisition that may have a direct impact on the partnership's results of
operations and financial condition are: (1) price fluctuations and overall
demand for refined petroleum products in the United States; (2) changes in the
partnership's tariff rates or other terms imposed by state or federal
regulatory agencies; (3) shut-downs or cutbacks at major refineries or other
businesses that use or supply the partnership's services; (4) the occurrence
of an operational hazard or unforeseen interruption; (5) disruption in the
debt and equity markets that negatively impacts the partnership's ability to
finance its capital spending and (6) failure of customers to meet or continue
contractual obligations to the partnership. 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, including
the partnership's Annual Report on Form 10-K for the fiscal year ended Dec.
31, 2012 and subsequent reports on Forms 8-K and 10-Q. The partnership
undertakes no obligation to revise its 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
         paula.farrell@magellanlp.com  bruce.heine@magellanlp.com

 

SOURCE Magellan Midstream Partners, L.P.

Website: http://www.magellanlp.com
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