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Plains All American Pipeline, L.P. (NYSE:
PAA) today announced it is constructing approximately 45 miles of new crude oil pipeline that will complement its existing Mississippian Lime pipelines and will further service growing production in the Mississippian Lime resource play. The pipeline is expected to be brought into service in the first quarter of 2014.
This project will extend PAA’s pipeline infrastructure into Logan County, Okla. and farther into Grant County, Okla., and will deliver crude oil to PAA’s terminal in Cushing, Okla. The project includes the construction of 150,000 barrels of new tankage along the system and is supported by a long-term acreage dedication and a storage lease at PAA’s Cushing terminal from an area producer.
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.
Forward Looking Statements
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties that could cause actual results or outcomes to differ materially from results or outcomes anticipated in the forward-looking statements. These risks and uncertainties include, among other things, shortages, cost increases or delays in receipt of supplies, materials or labor; inability to obtain, delays in the receipt of, or other issues associated with necessary licenses, permits, approvals, consents, rights of way or other governmental or third party requirements; the impact of current and future laws, rulings, orders, governmental regulations, accounting standards and statements and related interpretations; weather interference with business operations or project construction; environmental liabilities, issues or events that result in construction delays or otherwise impact targeted in-service dates; interruptions in service on third-party pipelines or facilities; general economic, market or business conditions and the amplification of other risks caused by volatile financial markets, capital constraints and pervasive liquidity concerns; and other factors and uncertainties inherent in the transportation, storage, terminalling and marketing of crude oil and refined products as discussed in the Partnership’s filings with the Securities and Exchange Commission.