Plains All American Pipeline, L.P. (NYSE: PAA)
("Plains"), Magellan Midstream Partners, L.P. (NYSE: MMP) ("Magellan"),
and OMERS, the defined benefit pension plan for municipal employees in
Ontario, Canada ("OMERS"), along with OMERS Infrastructure Management
Inc. ("OMERS Infrastructure"), the infrastructure investment manager of
OMERS, today announced that certain of their subsidiaries have closed
the previously announced joint ownership transaction in BridgeTex
Pipeline Company, LLC ("BridgeTex"). As a result, OMERS now owns a 50%
interest in BridgeTex, Plains has retained a 20% interest, and Magellan
has retained a 30% interest and will continue to operate the pipeline.
About Magellan Midstream Partners, L.P.
Magellan Midstream Partners, L.P. is a publicly traded partnership that
primarily transports, stores and distributes refined petroleum products
and crude oil. The partnership owns the longest refined petroleum
products pipeline system in the country, with access to nearly 50% of
the nation's refining capacity, and can store more than 100 million
barrels of petroleum products such as gasoline, diesel fuel and crude
oil. More information is available at www.magellanlp.com.
About Plains All American Pipeline, L.P.
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, NGLs and natural gas. Plains
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, Plains handles more than 5 million
barrels per day of crude oil and NGL in its Transportation segment.
Plains is headquartered in Houston, Texas. More information is available
at www.plainsallamerican.com.
About OMERS and OMERS Infrastructure
OMERS Infrastructure invests globally in infrastructure assets on behalf
of OMERS, the defined benefit pension plan for Ontario's municipal
employees. Investments are aimed at steady returns to help deliver
strong and sustainable pensions to OMERS members. OMERS Infrastructure's
diversified portfolio of large-scale infrastructure assets exhibits
stability and strong cash flows, in sectors including energy,
transportation and government-regulated services.
OMERS has employees in Toronto and other major cities across North
America, the U.K., Europe, Asia and Australia. OMERS is one of Canada's
largest defined benefit pension funds, with net assets of more than C$95
billion. Visit www.omersprivatemarkets.com
for more information.
Forward Looking Statements:
This press release includes certain statements concerning expectations
for the future that are forward-looking statements as defined by federal
law. Such forward-looking statements are subject to a variety of known
and unknown risks, uncertainties, and other factors that could cause
actual results or outcomes to differ materially from results or outcomes
anticipated in the forward-looking statements. Important risks,
uncertainties and other factors that could affect future results or
outcomes are discussed in Plains' and Magellan's filings with the
Securities and Exchange Commission. Plains and Magellan undertake no
obligation to update or revise any forward-looking statement to reflect
new information or events occurring after today's date.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181001005300/en/
Plains:
Brett Magill, (866) 809-1291
Investor Relations
or
Brad
Leone, (866) 809-1290
Communications
or
Magellan:
Paula
Farrell, (918) 574-7650
Investor Relations
paula.farrell@magellanlp.com
or
Bruce
Heine, (918) 574-7010
Media Relations
bruce.heine@magellanlp.com
or
OMERS:
Neil
Hrab, (416) 369-2418
Communications and Media Relations
nhrab@omers.com