The Crosstex Energy companies, Crosstex Energy, L.P. (NASDAQ:XTEX) (the Partnership) and Crosstex Energy, Inc. (NASDAQ:XTXI) (the Corporation), today announced that the Partnership has completed the Phase II expansion of its Riverside facility located on the Mississippi River in southern Louisiana. The Riverside facility’s capacity to transload crude oil from railcars to the Partnership’s barge facility has increased to approximately 15,000 barrels of crude oil per day.
Phase II additions to the Riverside facility include a 100,000 barrel-per day above-ground crude oil storage tank, a rail spur with a 26-spot crude railcar unloading rack, and a crude offloading facility with pumps and metering as well as a truck unloading bay. As part of the Phase II expansion, Riverside also was modified so that sour crude can be unloaded in addition to sweet crude.
“We expect Riverside Phase II to enhance our product diversity and fee-based margin. We are pleased that the Riverside facility offers a gateway for our customers to bring stranded or discounted crude oil into the premium-priced Louisiana market,” said Barry E. Davis, Crosstex President and Chief Executive Officer.
The average annual fee-based cash flow from the Riverside expansion projects is expected to be approximately $10 million beginning in June 2013.About the Crosstex Energy Companies Crosstex Energy, L.P. (NASDAQ: XTEX) is an integrated midstream energy partnership headquartered in Dallas that offers diversified, tailored customer solutions spanning the energy value chain with services and infrastructure that link energy production with consumption. XTEX operates approximately 3,500 miles of natural gas, natural gas liquids and oil pipelines, 10 natural gas processing plants and four fractionators, as well as barge and rail terminals, product storage facilities, brine disposal wells and an extensive truck fleet. XTEX has the right platform, the right opportunities and the right people to pursue its growth-focused business strategy.