HOUSTON--(BUSINESS WIRE)--
A subsidiary of Plains All American Pipeline, L.P. (NYSE: PAA) today announced that it has received sufficient binding commitments on its initial open season (which closed today) and that it is proceeding with construction of a new pipeline system from the Permian Basin to the Corpus Christi/Ingleside area (the “Cactus II Pipeline”). Permitting, right-of-way and procurement activities are underway, and subject to receipt of necessary permits and regulatory approvals, the Cactus II Pipeline is targeted to be operational in the third quarter of 2019.
The Cactus II Pipeline includes a combination of existing pipelines and two new pipelines. The first new pipeline will extend from Wink South to McCamey, TX, and the second pipeline will extend from McCamey to the Corpus Christi/Ingleside area.
PAA has also received sufficient customer interest to conduct a second binding open season related to Cactus II Pipeline. Origin points will be Orla, Wink South, Midland, Crane and McCamey, TX. This open season provides an opportunity for additional shippers to enter into transportation services agreements that provide for long-term crude oil transportation on Cactus II Pipeline. Based on market demand, this second open season will include additional committed tariff rate structures, but is otherwise consistent with the terms of the first open season.
Additional information is contained in a Notice of Open Season that is posted on our website at https://www.plainsallamerican.com/customer-center/pipeline-tariffs/open-seasons.
Interested parties should contact Kevin Snodgrass at 713-646-4616. As described in the Notice of Open Season, interested entities must sign a confidentiality agreement before receiving the open season documents. The second open season begins on January 22, 2018 at 5 p.m. CT and will end at 5 p.m. CT on February 21, 2018.
Forward Looking Statements
This press release may include 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 are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results are discussed in PAA’s Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. PAA undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.
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"), and natural gas. 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 5 million barrels per day of crude oil and NGL in its Transportation segment. PAA is headquartered in Houston, Texas. More information is available at www.plainsallamerican.com.
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