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Magellan (MMP) Extends Open Season for Pipeline Expansion
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Magellan Midstream Partners, L.P. recently announced that it has extended its open season by two weeks to solicit customer commitments for the probable expansion of its refined petroleum products pipeline system from Houston to El Paso, TX.
Magellan Midstream stated that the extension offers interested customers extra time to finalize commitments and that binding commitments are now due by 5:00 p.m. Central Time on Jul 29, 2022.
The planned project comprises the expansion of a 265-mile pipeline segment between Odessa and El Paso and the use of the prevailing and underutilized pipeline capacity from the Houston area to Odessa. Moreover, the project will augment MMP’s competency in transporting refined petroleum products like gasoline and diesel from the Gulf Coast refineries to El Paso, with further shipper optionality to enter markets in New Mexico through Magellan's pipeline system and Arizona and Mexico via the linkage to third-party pipelines.
The expansion, which is considered capital-efficient, will increase the capacity of the Odessa-to-El Paso portion of the pipeline by approximately 15,000 barrels per day (bpd) to a new total capacity of roughly 85,000 bpd. The higher capacity can be achieved by mid-2023 after the addition of incremental pumping capabilities and the construction of operational storage at El Paso, subject to the results of this open season and the receipts of all the required permits and approvals.
Tulsa, OK-based Magellan Midstream Partners, L.P. is a master limited partnership that owns and operates a diversified portfolio of energy infrastructure assets. The partnership primarily transports, stores and distributes refined petroleum products and, to a lesser extent, ammonia. Magellan Midstream has the longest refined petroleum pipeline system in the United States with access to almost half of the total domestic refining capacity. MMP conducts its operations in two segments: Refined Products and Crude Oil.
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Magellan (MMP) Extends Open Season for Pipeline Expansion
Magellan Midstream Partners, L.P. recently announced that it has extended its open season by two weeks to solicit customer commitments for the probable expansion of its refined petroleum products pipeline system from Houston to El Paso, TX.
Magellan Midstream stated that the extension offers interested customers extra time to finalize commitments and that binding commitments are now due by 5:00 p.m. Central Time on Jul 29, 2022.
The planned project comprises the expansion of a 265-mile pipeline segment between Odessa and El Paso and the use of the prevailing and underutilized pipeline capacity from the Houston area to Odessa. Moreover, the project will augment MMP’s competency in transporting refined petroleum products like gasoline and diesel from the Gulf Coast refineries to El Paso, with further shipper optionality to enter markets in New Mexico through Magellan's pipeline system and Arizona and Mexico via the linkage to third-party pipelines.
The expansion, which is considered capital-efficient, will increase the capacity of the Odessa-to-El Paso portion of the pipeline by approximately 15,000 barrels per day (bpd) to a new total capacity of roughly 85,000 bpd. The higher capacity can be achieved by mid-2023 after the addition of incremental pumping capabilities and the construction of operational storage at El Paso, subject to the results of this open season and the receipts of all the required permits and approvals.
Tulsa, OK-based Magellan Midstream Partners, L.P. is a master limited partnership that owns and operates a diversified portfolio of energy infrastructure assets. The partnership primarily transports, stores and distributes refined petroleum products and, to a lesser extent, ammonia. Magellan Midstream has the longest refined petroleum pipeline system in the United States with access to almost half of the total domestic refining capacity. MMP conducts its operations in two segments: Refined Products and Crude Oil.
Magellan Midstream currently has a Zacks Rank #3 (Hold). Some better-ranked stocks from the energy sector include HighPeak Energy (HPK - Free Report) , Marathon Petroleum (MPC - Free Report) and Range Resources (RRC - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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