Potential to Add Up to 350,000 Barrels Per Day of Permian Basin Pipeline Takeaway Capacity
HOUSTON–(BUSINESS WIRE)–A subsidiary of Plains All American Pipeline, L.P. (NYSE: PAA) today announced that it is conducting an open season for committed crude oil pipeline capacity from the Permian Basin to Cushing, OK (the “Pipeline”). Origin points will be Midland, TX and Colorado City, TX. Depending on the results of the open season committed volumes will move on a combination of new and existing pipelines. The open season provides an opportunity for potential shippers to offer long-term volume commitments in exchange for firm transportation on the Pipeline.
The Pipeline will deliver to Plains’ terminal in Cushing, OK. Subject to sufficient commitments from shippers and receipt of any necessary permits and regulatory approvals, the Pipeline could be operational in mid-2019.
By submitting a binding proposal, bidders are offering to enter into a long-term throughput and deficiency agreement for pipeline capacity. Interested parties should contact Bill Keener, Managing Director Pipeline Commercial Operations at 713-993-5144. Potential shippers must sign confidentiality agreements before receiving the open season documents. The open season begins on April 18, 2017 and will end at 12 p.m. CT on May 30, 2017.
Forward Looking Statements
This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results are discussed in each registrant’s Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. The registrants undertake no obligation to update or revise any forward-looking statement to reflect new information or events.
Plains All American Pipeline, L.P. is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (“NGL”), natural gas and refined products. PAA owns an extensive network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and NGL producing basins and transportation corridors and at major market hubs in the United States and Canada. On average, PAA handles over 4.6 million barrels per day of crude oil and NGL in its Transportation segment. PAA is headquartered in Houston, Texas. More information is available at www.plainsallamerican.com.
Plains All American
Ryan Smith, (866) 809-1291
Director, Investor Relations