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Company Description

Contact Info

One Williams Center

Tulsa, OK 74172

United States

Phone: 918-573-2000

Fax:

plant and the Boreal Pipeline, while another party operates the Redwater facilities on its behalf. The company’s Fort McMurray area facilities extract liquids from the offgas produced by a third-party oil sands bitumen upgrader. The company’s arrangement with the third-party upgrader is a ‘keep-whole’ type where the company removes a mix of NGLs and olefins from the offgas and return the equivalent heating value to the third-party upgrader in the form of natural gas, as well as a profit share whereby a portion of the profit above a threshold is shared with the third party. The company extracts, fractionates, treats, stores, terminals and sells the ethane/ethylene, propane, propylene, normal butane (butane), iso-butane, alky feedstock, and condensate recovered from this process. The company continues to be the NGL/olefins fractionator in western Canada and the processor of oil sands upgrader offgas. The company’s extraction of liquids from upgrader offgas streams allows the upgraders to burn cleaner natural gas streams and reduces their overall air emissions. The Fort McMurray extraction plant has processing capacity of 121 million cubic feet per day (MMcf/d) with the ability to recover 26 Mbbls/d of olefin and NGL products. The company’s Redwater fractionator has a liquids handling capacity of 26 Mbbls/d. The company also purchases small volumes of olefin/NGLs mixes from third-party gas processors, fractionate the olefins and NGLs at its Redwater plant and sell the resulting products. The Boreal Pipeline is a 261-mile pipeline in Canada that transports recovered NGLs and olefins from its extraction plant in Fort McMurray to the company’s Redwater fractionation facility. The pipeline has an initial capacity of 43 Mbbls/d that could be increased to an ultimate capacity of 125 Mbbls/d with additional pump stations. The company’s products are sold within Canada and the United States. Gulf Olefins The company has an 88.5 percent undivided interest and operatorship of the olefins production facility in Geismar, Louisiana, along with a refinery grade propylene splitter, and pipelines in the Gulf region. The company’s olefins business also operates an ethylene storage hub at Mont Belvieu using leased third-party underground storage caverns. In 2015, the company placed in service an expansion of the olefins production facility that increased its ethylene production capacity by 600 million pounds per year, for a total production capacity of 1.95 billion pounds of ethylene and 114 million pounds of propylene per year. The company’s feedstocks for the cracker are ethane and propane; as a result, these assets are primarily exposed to the price spread between ethane and propane, and ethylene and propylene, respectively. Ethane and propane are available for purchase from third parties and from affiliates. The company owns ethane and propane pipeline systems in Louisiana that provide feedstock transportation to the Geismar plant and other third-party crackers. The company also owns a pipeline that has the capacity to supply 12 Mbbls/d of ethane from Discovery Producer Services LLC’s (Discovery’s) Paradis fractionator to the Geismar plant. The company’s refinery grade propylene splitter has a production capacity of approximately 500 million pounds per year of propylene. At its propylene splitter, the company purchases refinery grade propylene and fractionate it into polymer grade propylene and propane. As a merchant producer of ethylene and propylene, the company’s product sales are to customers for use in making plastics and other downstream petrochemical products destined for both domestic and export markets. Marketing Services The company markets NGL products to a range of users in the energy and petrochemical industries. The NGL marketing business transports and markets its equity NGLs from the production at its processing plants, and also markets NGLs on behalf of third-party NGL producers, including some of the company’s fee-based processing customers, and the NGL volumes owned by Discovery. The company also markets olefin products to a range of users in the energy and petrochemical industries. Other NG

 

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Price/Cash Flow 41.9x
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