DALLAS & TULSA, Okla. & FINDLAY, Ohio & BRENTWOOD, Tenn.--(BUSINESS WIRE)--Sep. 4, 2018--
Energy Transfer Partners, L.P. (NYSE: ETP) (“Energy Transfer”), Magellan
Midstream Partners, L.P. (NYSE: MMP) (“Magellan”), MPLX LP (NYSE: MPLX)
(“MPLX”) and Delek US Holdings, Inc. (NYSE: DK) (“Delek”) announced
today that they have received sufficient commitments to proceed with
plans to construct a new 30-inch diameter common carrier pipeline to
transport crude oil from the Permian Basin to the Texas Gulf Coast
region, with the ability to increase the pipe diameter to expand the
capacity based upon additional commitments received during the upcoming
open season. An open season for additional shipper volume commitments on
the new pipeline system will be launched this week.
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The 600-mile pipeline system is expected to be operational in mid-2020
with multiple Texas origins, including Wink, Crane and Midland. The
pipeline system will have the strategic capability to transport crude
oil to both Energy Transfer’s Nederland, Texas terminal and Magellan’s
East Houston, Texas terminal for ultimate delivery through their
respective distribution systems.
The project is subject to receipt of customary regulatory and Board
approvals of the respective entities.
About Energy Transfer Partners, L.P.
Energy Transfer Partners, L.P. (NYSE: ETP) is a
master limited partnership that owns and operates one of the largest and
most diversified portfolios of energy assets in the United States.
Strategically positioned in all of the major U.S. production basins, ETP
owns and operates a geographically diverse portfolio of complementary
natural gas midstream, intrastate and interstate transportation and
storage assets; crude oil, natural gas liquids (NGL) and refined product
transportation and terminalling assets; NGL fractionation; and various
acquisition and marketing assets. ETP’s general partner is owned
by Energy Transfer Equity, L.P. (ETE).
More information is available at www.energytransfer.com.
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. Magellan 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 100
million barrels of petroleum products such as gasoline, diesel fuel and
crude oil. More information is available at www.magellanlp.com.
About MPLX LP
MPLX LP (NYSE: MPLX) is a diversified, growth-oriented master limited
partnership formed in 2012 by Marathon Petroleum Corporation (MPC) to
own, operate, develop and acquire midstream energy infrastructure
assets. MPLX is engaged in the gathering, processing and transportation
of natural gas; the gathering, transportation, fractionation, storage
and marketing of NGLs; and the transportation, storage and distribution
of crude oil and refined petroleum products through a marine fleet and
approximately 10,000 miles of crude oil and light product pipelines.
Headquartered in Findlay, Ohio, MPLX's assets consist of a network of
crude oil and products pipelines and supporting assets, including
storage facilities (tank farms) located in the Midwest and Gulf Coast
regions of the United States; 62 light-product terminals with
approximately 24 million barrels of storage capacity; storage caverns
with approximately 2.8 million barrels of storage capacity; a barge dock
facility with approximately 80,000 barrels per day of crude oil and
product throughput capacity; and gathering and processing assets that
include approximately 5.9 billion cubic feet per day of gathering
capacity, 8.7 billion cubic feet per day of natural gas processing
capacity and 610,000 barrels per day of fractionation capacity. More
information is available at www.mplx.com.
About Delek US Holdings, Inc.
Delek US Holdings, Inc. (NYSE: DK) is a diversified downstream energy
company with assets in petroleum refining, logistics, renewable fuels
and convenience store retailing. The refining assets consist of
refineries operated in Tyler and Big Spring, Texas, El Dorado, Arkansas
and Krotz Springs, Louisiana with a combined nameplate crude throughput
capacity of 302,000 barrels per day. The logistics operations primarily
consist of Delek Logistics Partners, LP. Delek US Holdings, Inc. and its
affiliates own approximately 63% (including the 2 percent general
partner interest) of Delek Logistics Partners, LP. Delek Logistics
Partners, LP (DKL)
is a growth-oriented master limited partnership focused on owning and
operating midstream energy infrastructure assets. The convenience store
retail business is the largest 7-Eleven licensee in the United States
and operates approximately 300 convenience stores in central and west
Texas and New Mexico. More information is available at www.delekus.com.
This press release contains forward-looking statements within the
meaning of the federal securities laws. These forward-looking statements
relate to, among other things, statements with respect to forecasts
regarding capacity and timing for becoming operational for the
opportunities discussed above. You can identify forward-looking
statements by words such as "anticipate," "believe," "design,"
"estimate," "expect," "forecast," "intend," "plan," "project,"
"potential," "could," "may," "should," "would," "will" or other similar
expressions that convey the uncertainty of future events or outcomes.
Such forward-looking statements are not guarantees of future performance
and are subject to risks, uncertainties and other factors, some of which
are beyond the control of the companies and are difficult to predict.
Although management of Energy Transfer Partners, L.P., Magellan
Midstream Partners, L.P., MPLX LP and Delek US Holdings, Inc. (the
“companies”) believe 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 completion of the project and
construction of the pipeline or the pipeline’s and the companies’
results of operations and financial condition are: (1) the ability of
the companies to negotiate and enter into definitive agreements and to
obtain all required rights-of-way, permits and other approvals on a
timely basis; (2) the ability to complete construction of the project on
time and at expected costs; (3) price fluctuations and overall demand
for crude oil; (4) changes in the pipeline’s tariff rates or other terms
as required by state or federal regulatory authorities; (5) the
occurrence of an operational hazard or unforeseen interruption; (6)
disruption in the debt and equity markets that negatively impacts the
companies’ abilities to finance capital spending and (7) willingness to
incur or failure of customers or vendors to meet or continue contractual
obligations related to this project. Additional information about issues
that could lead to material changes in performance is contained in
filings with the Securities and Exchange Commission for all companies.
The companies undertake no obligation to revise these forward-looking
statements to reflect events or circumstances occurring after today's
View source version on businesswire.com: https://www.businesswire.com/news/home/20180904005294/en/
Source: Energy Transfer Partners, L.P. and Magellan Midstream Partners, L.P. and MPLX LP and Delek US Holdings, Inc.
Bill Baerg, Lyndsay Hannah or Brent Ratliff,