Market Overview

Medallion Pipeline Announces Successful Open Season for Major Expansion of Crude Oil Pipeline and Supplemental Open Season


Medallion Pipeline Company, LLC (Medallion), today announced the
successful closing of its binding open season for a major expansion of
its existing crude oil pipeline system in the Midland Basin (the
"Expansion"). As previously announced, Medallion will expand six
segments of its pipeline system to transport increased quantities of
crude oil, produced from acreage proximate to Medallion's system, to
downstream pipelines and markets.

Based on the capacity bids received during the open season, Medallion
has received long-term binding commitments sufficient to move forward
with the construction of the Expansion. The Expansion is expected to
commence commercial operations in phases, with full commercial
operations occurring during the fourth quarter of 2019.

"The continued interest of potential shippers in increased pipeline
capacity in the Midland Basin, is compelling," said Randy Lentz, CEO of
Medallion. "We are excited about the significant production growth in
the region and the opportunity to meet the growing demand for pipeline

Because of the interest expressed by potential shippers during the open
season, and based on ongoing discussions with potential shippers,
Medallion is conducting a supplemental open season to solicit additional
binding long-term commitments for expanded capacity. The supplemental
open season is subject to the same terms and conditions as originally
proposed in the open season. The supplemental open season maintains the
same transportation options, the same origin and destination points, the
same rates and provides the same options for existing committed shippers
as proposed in the open season. The supplemental open season will open
on August 16, 2018, and will close as of 4 PM CDT on August 22, 2018.
All bids must be submitted to Medallion during the supplemental open
season. Bona fide prospective shippers may obtain copies of the
Transportation Services Agreement, as well as the proposed Federal
Energy Regulatory Commission and Texas Railroad Commission tariffs by
contacting the Medallion representative listed below. Medallion requires
a prospective shipper to execute a Confidentiality Agreement prior to
delivery of these documents. More information concerning the Expansion
and the binding open season is available on the Medallion website
or by contacting the Medallion representative listed below.

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