Plains All American Pipeline, L.P. (NYSE:PAA)
today announced it is converting an existing Oklahoma liquefied
petroleum gas (LPG) pipeline into crude oil service. The pipeline, which
extends from Medford, Okla. to PAA's crude oil terminal facility in
Cushing, Okla., will provide an initial crude oil throughput capacity of
12,000 barrels per day by January 2012 and will be expanded to 25,000
barrels per day by July 2012.
"Converting and expanding this pipeline provides timely take-away
capacity for growing crude oil production in the Mississippian Lime
formation in northern Oklahoma and southern Kansas," said Harry N.
Pefanis, President and COO of Plains All American. "This project extends
our commitment to service Mississippian producers and is one of a number
of projects PAA is progressing to service the growing infrastructure
needs in this area and multiple resource plays throughout North America."
PAA owns a network of approximately 16,000 miles of liquids pipelines,
approximately 90 million barrels of liquids storage capacity and handles
more than 3 million barrels of physical product on a daily basis.
Plains All American Pipeline, L.P. is a publicly traded master limited
partnership engaged in the transportation, storage, terminalling and
marketing of crude oil, refined products and liquefied petroleum gas and
other natural gas related petroleum products. Through its general
partner interest and majority equity ownership position in PAA Natural
Gas Storage, L.P. (NYSE:PNG), PAA is also engaged in the development and
operation of natural gas storage facilities. PAA is headquartered in
Houston, Texas.
Forward Looking Statements:
Except for the historical information contained herein, the matters
discussed in this release are forward-looking statements that involve
certain risks and uncertainties that could cause actual results to
differ materially from results anticipated in the forward-looking
statements. These risks and uncertainties include, among other things,
failure to implement or capitalize on planned internal growth projects;
shortages or cost increases of supplies, materials or labor; the
availability of adequate third-party production volumes for
transportation and marketing in the areas in which we operate and other
factors that could cause declines in volumes shipped on our pipelines by
us and third-party shippers, such as declines in production from
existing oil and gas reserves or failure to develop additional oil and
gas reserves; continued creditworthiness of, and performance by, our
counterparties, including financial institutions and trading companies
with which we do business; the impact of current and future laws,
rulings, governmental regulations, accounting standards and statements
and related interpretations; weather interference with business
operations or project construction; 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, refined products and
liquefied petroleum gas and other natural gas related petroleum products
discussed in the Partnership's filings with the Securities and Exchange
Commission.
Plains All American Pipeline, L.P.
Roy I. Lamoreaux, 713-646-4222
or 800-564-3036
Director, Investor Relations