Magellan Midstream to Deliver Refined Petroleum Products to Little Rock PR Newswire TULSA, Okla., May 5, 2014 TULSA, Okla., May 5, 2014 /PRNewswire/ -- Magellan Midstream Partners, L.P. (NYSE: MMP) announced today that it is proceeding with its pipeline project to deliver refined petroleum products to Little Rock, Arkansas, supported by commitments from its recent open season. As previously announced, Magellan plans to transport up to 75,000 barrels per day of gasoline, diesel fuel and jet fuel to Little Rock 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. Magellan has entered into an agreement with Ozark Gas Transmission, L.L.C., a subsidiary of Spectra Energy Partners, L.P., to utilize an existing 160-mile pipeline on a long-term basis for a portion of the route. In addition, Magellan will extend this existing pipeline to Magellan's Ft. Smith terminal and to the Little Rock market with approximately 50 miles of newly-constructed 12-inch pipe and make enhancements to its pipeline system to accommodate additional volumes. "Magellan is pleased to move forward with this project that will deliver refined petroleum products to the Little Rock market from a variety of sources, including pipeline access from Mid-Continent and Gulf Coast refineries, providing additional supply options to the Little Rock area," said Michael Mears, chief executive officer. Magellan expects to spend approximately $150 million for construction costs, with the Little Rock pipeline operational in early 2016 subject to regulatory and other approvals. 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 nearly 50% of the nation's refining capacity, and can store more than 90 million barrels of petroleum products such as gasoline, diesel fuel and crude oil. More information is available at www.magellanlp.com. Portions of this document constitute forward-looking statements as defined by federal law. Although management believes any such statements are based on reasonable assumptions, actual outcomes may 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 permits and regulatory approvals on time; (2) approval of the long-term pipeline use agreement by the board of directors of Spectra Energy Partners, L.P. (3) the ability to complete construction of the project on time and at expected costs; (4) price fluctuations and overall demand for refined petroleum products; (5) changes in tariff rates or other terms imposed by state or federal regulatory agencies; (6) the occurrence of operational hazards or unforeseen interruptions; (7) disruption in the debt and equity markets that negatively impact the partnership's ability to finance capital spending and (8) failure of customers or vendors to meet or continue contractual obligations. Additional information about issues that could lead to material changes in Magellan Midstream Partners, L.P.'s performance is contained in the partnership's filings with the Securities and Exchange Commission. Magellan Midstream Partners, L.P. 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 firstname.lastname@example.org email@example.com SOURCE Magellan Midstream Partners, L.P. Website: http://www.magellanlp.com
Magellan Midstream to Deliver Refined Petroleum Products to Little Rock
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