White Cliffs Pipeline, L.L.C. Completes Successful Open Season for Expansion Project
TULSA, Okla., Oct. 25, 2012 (GLOBE NEWSWIRE) -- White Cliffs Pipeline, L.L.C. ("WCPL") owned by a subsidiary of SemGroup® Corporation (NYSE: SEMG), a subsidiary of Plains All American Pipeline, L.P. (NYSE: PAA), a subsidiary of Western Gas Partners, LP (NYSE: WES) and a subsidiary of Noble Energy, Inc. (NYSE: NBL) today announced that it has received sufficient binding shipper commitments during its recent open season to move forward with its Expansion Project which will allow the company to provide additional crude oil transportation service from Platteville, Colorado, to Cushing, Oklahoma.
"We are happy to finalize these binding contracts with our shippers and appreciate their firm commitments to this expansion," said Norm Szydlowski, chief executive officer of SemGroup Corporation. "The expansion of the White Cliffs Pipeline will help meet a growing demand for midstream services in the Denver Julesburg Basin by increasing the current pipeline capacity from approximately 70,000 bpd to about 150,000 bpd."
Subject to Federal Energy Regulatory Commission and other regulatory approvals, the WCPL expansion is anticipated to be in service in the first half of 2014. Following completion, Rose Rock Midstream, L.P. (NYSE: RRMS), SemGroup's master limited partnership, will continue operating the expanded White Cliffs Pipeline.
White Cliffs Ownership
|Plains All American Pipeline, L.P.||34%|
|Western Gas Partners LP||10%|
|Noble Energy, Inc.||5%|
About White Cliffs Pipeline
White Cliffs Pipeline®, L.L.C. is a partially owned subsidiary of SemGroup® Corporation and is operated by Rose Rock Midstream, L.P. White Cliffs Pipeline originates in Platteville, CO, northeast of Denver, and terminates at Rose Rock Midstream's storage facility in Cushing, OK. White Cliffs Pipeline, a 527 mile, 12-inch common carrier, crude oil pipeline is the only pipeline that directly moves crude oil out of the DJ Basin to the Cushing market and ultimately to refiners in the Mid-Continent area.
The White Cliffs Pipeline Logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=14820
Based in Tulsa, Oklahoma, SemGroup® Corporation (NYSE: SEMG) is a publicly traded midstream service company providing the energy industry the means to move products from the wellhead to the wholesale marketplace. SemGroup provides diversified services for end users and consumers of crude oil, natural gas, natural gas liquids, refined products and asphalt. Services include purchasing, selling, processing, transporting, terminalling and storing energy.
SemGroup® and White Cliffs Pipeline® are registered trademarks of SemGroup Corporation.
About Rose Rock Midstream
Rose Rock Midstream, L.P. (NYSE: RRMS) is a growth-oriented Delaware master limited partnership formed by SemGroup® Corporation to own, operate, develop and acquire a diversified portfolio of midstream energy assets. Rose Rock Midstream provides crude oil gathering, transportation, storage and marketing services. Headquartered in Tulsa, OK, Rose Rock Midstream has operations in six different states with the majority of its assets strategically located in or connected to the Cushing, Oklahoma crude oil marketing hub.
About Plains All American Pipeline (NYSE: PAA)
Plains All American Pipeline, L.P. is a publicly traded master limited partnership engaged in the transportation, storage, terminalling and marketing of crude oil and refined products, as well as in the processing, transportation, fractionation, storage and marketing of natural gas liquids. Through its general partner interest and majority equity ownership position in PAA Natural Gas Storage, L.P. (NYSE: PNG), PAA owns and operates natural gas storage facilities. PAA is headquartered in Houston, Texas.
About Western Gas Partners, LP (NYSE: WES)
Western Gas Partners, LP is a growth-oriented Delaware master limited partnership formed by Anadarko Petroleum Corporation (NYSE: APC) to own, operate, acquire and develop midstream energy assets. With midstream assets in East, West and South Texas, the Rocky Mountains and the Mid-Continent, the Partnership is engaged in the business of gathering, processing, compressing, treating, and transporting natural gas, condensate, natural gas liquids and crude oil for Anadarko and other producers and customers. For more information about Western Gas Partners, please visit www.westerngas.com.
About Noble Energy, Inc. (NYSE: NBL)
Noble Energy is a leading independent energy company engaged in worldwide oil and gas exploration and production. The Company has core operations onshore in the U.S., primarily in the DJ Basin and Marcellus Shale, in the deepwater Gulf of Mexico, offshore Eastern Mediterranean, and offshore West Africa. Noble Energy is listed on the New York Stock Exchange and is traded under the ticker symbol NBL. Further information is available at www.nobleenergyinc.com.
Certain matters contained in this Press Release include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical fact, included in this Press Release including the timing and capacity of the Expansion Project, management's plans and objectives for the Expansion Project, business prospects, outcome of regulatory proceedings, market conditions and other matters, may constitute forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, regulatory approvals; environmental risks; changes in demand for crude oil; loss of market share and industry competition; potential delays and cost overruns; the risk of finalizing the T&D Agreements; the ability to access sufficient capital from internal and external sources; as well as other risk factors discussed from time to time in each of our documents and reports filed with the SEC.
Readers are cautioned not to place undue reliance on any forward-looking statements contained in this Press Release, which reflect management's opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.