Plains All American Pipeline, L.P. (NYSE:PAA)
today announced it is constructing new crude oil rail facilities in
Tampa, Colo. and Yorktown, Va. and making additional modifications to
its Yorktown facility. The new rail facilities and modifications are
expected to be completed by the third-quarter of 2013 at an aggregate
cost of approximately $125 million.
The Tampa facility is located approximately 50 miles northeast of Denver
and is designed to receive crude oil via truck and pipeline and to load
unit and manifest trains at a rate of up to 68,000 barrels per day. The
facility is being built to service increasing DJ Basin crude oil
production and is underpinned by firm contracts with large independent
producers. The Tampa facility is expected to be in service in the third
quarter of 2013. BNSF Railway Company will provide the rail
transportation for the facility.
The Yorktown crude oil rail facility is being constructed at PAA's
multi-product terminal and is designed to receive unit and manifest
trains with the capability to unload at a rate of up to 130,000 barrels
per day. The project includes making modifications to the existing dock
and related infrastructure to facilitate loading barges and ocean-going
vessels at higher rates and handling multiple products. The rail
facility and other modifications are expected to begin service in the
first half of 2013. CSX will provide the rail transportation for the
facility.
PAA owns a network of approximately 18,000 miles of liquids pipelines,
approximately 120 million barrels of liquids storage capacity and
handles more than 3 million barrels of physical product on a daily basis.
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.
Plains All American Pipeline, L.P.
Roy I. Lamoreaux, 713-646-4222
or 800-564-3036
Director, Investor Relations