Plains All American Pipeline, L.P. (NYSE:PAA)
today announced the formation of Caddo Pipeline LLC, a 50/50 joint
venture with Delek Logistics Partners, LP (NYSE:DKL) to develop the
Caddo Pipeline, an 80-mile, 12-inch pipeline between Longview, Texas,
and Shreveport, La. The Caddo Pipeline will originate at the Plains
Atlas Terminal in Longview and will have the capacity to move up to
80,000 barrels of domestic crude oil per day to supply refineries in the
Shreveport area and Delek Logistics' pipeline system supplying Delek US
Holdings' (NYSE:DK) El Dorado, Ark. refinery. Under the agreement, PAA
will construct and operate the Caddo Pipeline. The total project
investment is expected to be approximately $100 million; the pipeline is
supported by long-term shipper commitments and is expected to be
completed in mid-2016.
Plains All American Pipeline, L.P. is a publicly traded master limited
partnership that owns and operates midstream energy infrastructure and
provides logistics services for crude oil, natural gas liquids ("NGL"),
natural gas and refined products. PAA owns an extensive network of
pipeline transportation, terminalling, storage and gathering assets in
key crude oil and NGL producing basins and transportation corridors and
at major market hubs in the United States and Canada. On average, PAA
handles over 4.1 million barrels per day of crude oil and NGL on its
pipelines. 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, including the impact of extreme weather events
or conditions; 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 PAA's filings with the
Securities and Exchange Commission.
PAA Contacts:
Investors:
Ryan
Smith, 866-809-1291
Director, Investor Relations
Media:
Brad
Leone, 866-809-1290
Director, Communications