Saddlehorn Pipeline Announces Open Season for Additional Pipeline Commitments

TULSA, Okla., HOUSTON, and THE WOODLANDS, Texas, Dec. 9, 2015 /PRNewswire/ -- Magellan Midstream Partners, L.P. (NYSE: MMP) ("Magellan"), Plains All American Pipeline, L.P. (NYSE: PAA) ("Plains") and Anadarko Petroleum Corporation (NYSE: APC) ("Anadarko") announced today that Saddlehorn Pipeline Company, LLC ("Saddlehorn") has launched a supplemental open season to seek additional transportation commitments for the Saddlehorn pipeline. Interested customers must submit binding commitments by 5:00 p.m. Central Time on Jan. 7, 2016.

The Saddlehorn pipeline, which is currently under construction, will be capable of transporting at least 190,000 barrels per day of crude oil from the DJ Basin, and potentially the broader Rocky Mountain area resource plays, to storage facilities in Cushing, Oklahoma owned by Magellan and Plains. The pipeline's Platteville, Colorado origin and Cushing destination will each include one million barrels of storage. The pipeline is also being extended from Platteville to Carr, Colorado.

The Platteville-to-Cushing segment of the pipeline is expected to be operational during mid-2016, and the Carr-to-Platteville segment is expected to be operational in the fourth quarter of 2016.

As previously announced, Saddlehorn has already received binding commitments from a wholly owned subsidiary of Anadarko and from Noble Energy, Inc.

For customer inquiries or additional information about the open season, please contact Christina Payne of Magellan at (918) 574-7881 or [email protected]. 

About Magellan Midstream Partners, L.P.Magellan Midstream Partners, L.P. (NYSE: MMP) is a publicly traded partnership that primarily transports, stores and distributes refined petroleum products and crude oil. Magellan 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 95 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, 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 4.4 million barrels per day of crude oil and NGL on its pipelines. PAA is headquartered in Houston, Texas. More information is available at www.plainsallamerican.com.    

About Anadarko Petroleum Corporation Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2014, the company had approximately 2.86 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and APC Flash Feed updates, please visit www.anadarko.com. 

Portions of this document constitute forward-looking statements as defined by federal law. Although management of Anadarko Petroleum Corporation, Magellan Midstream Partners, L.P. and Plains All American Pipeline, L.P. (the "companies") believe any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Among the key risk factors associated with the project that may have a direct impact on Saddlehorn's and the companies' results of operations and financial condition are: (1) the ability to obtain all required rights-of-way, permits and other governmental approvals on a timely basis; (2) the ability to complete construction of the project on time and at expected costs; (3) price fluctuations and overall demand for crude oil; (4) changes in Saddlehorn's tariff rates or other terms imposed by state or federal regulatory agencies; (5) the occurrence of an operational hazard or unforeseen interruption; (6) disruption in the debt and equity markets that negatively impacts Saddlehorn's or the companies' abilities to finance capital spending and (7) willingness to incur or failure of customers or vendors to meet or continue contractual obligations related to the project. Additional information about issues that could lead to material changes in performance is contained in filings with the Securities and Exchange Commission for all companies. The companies undertake no obligation to revise these forward-looking statements to reflect events or circumstances occurring after today's date. 

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SOURCE Magellan Midstream Partners, L.P.; Plains All American Pipeline, L.P.; Anadarko Petroleum Corporation