Magellan Midstream Partners, L.P.
MMP announced today an extension of the open season for commitments on
the Saddlehorn Pipeline to transport various grades of crude oil from the
Niobrara play in northeast Colorado to Magellan's storage facilities in
Cushing, Oklahoma. Binding commitments are now due by 5:00 p.m. Central Time
on Jan. 30, 2015.
The Saddlehorn Pipeline includes construction of an approximate 600-mile,
20-inch diameter pipeline capable of transporting up to 400,000 barrels per
day of crude oil from Platteville, Colorado to Magellan's storage facilities
in Cushing. Subject to sufficient support for additional origins, Magellan may
also add three new origin points for receipt of crude oil in Weld County near
Riverside, Briggsdale and Pawnee.
Magellan is currently in the process of obtaining permits and right-of-way.
Subject to receipt of necessary permits and regulatory approvals, the
Saddlehorn Pipeline from Platteville to Cushing is expected to be operational
during the second quarter of 2016.
As previously announced, Magellan has received binding commitments from a
wholly owned subsidiary of Anadarko Petroleum Corporation and Noble Energy,
Inc. In addition, Magellan has entered into letters of intent with Anadarko
and Saddle Butte Pipeline II, LLC for potential equity ownership in Saddlehorn
Pipeline.
The project scope, cost and ownership structure of the Saddlehorn Pipeline
will be finalized after the open season closes and the total committed volumes
are known.
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