Plains All American Pipeline, L.P. (NYSE: PAA)
today announced it is constructing the Cactus Pipeline, a new 310-mile,
20-inch crude oil pipeline from McCamey to Gardendale, Texas. The Cactus
Pipeline is expected to be placed into service in the first quarter of
2015. The Partnership has entered into a letter of intent with a third
party regarding a long-term commitment for a majority of the pipeline's
capacity and is in discussions with several potential shippers for the
remaining capacity. The total project investment is expected to range
from $350 million to $375 million.
The pipeline is expected to transport both sweet and sour crude oil from
the Permian Basin to the PAA/Enterprise Products Partners Eagle Ford
Joint Venture (Eagle Ford JV) Pipeline. The Eagle Ford JV Pipeline
directly serves the Three Rivers and Corpus Christi markets and can
supply the Houston-area market through a connection to the Enterprise
South Texas Crude Oil Pipeline. Crude oil delivered on Cactus will have
access to rail loading capacity at PAA's Gardendale station and access
to the Eagle Ford JV barge dock facility in the Corpus Christi area. The
Cactus Pipeline will initially be designed to provide approximately
200,000 barrels-per-day of capacity and can be increased as demand
warrants.
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.
Investors:
Roy
I. Lamoreaux, 713-646-4222 – 800-564-3036
Director, Investor
Relations
or
Media:
Brad Leone, 713-646-4196 –
800-564-3036
Manager, Communications
