We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Magellan (MMP) & Plains All to Increase BridgeTex Capacity
Read MoreHide Full Article
Magellan Midstream Partners, L.P. along with Plains All American Pipeline, L.P. (PAA - Free Report) , its joint venture partner in BridgeTex Pipeline Company, LLC, announced plans to increase the capacity of the BridgeTex pipeline by 40,000 barrels per day (bpd). The joint venture also announced an additional open season to evaluate the demand for increased capacity, which will give potential customers an opportunity to come out with binding commitments by Dec 30, 2017.
The open season activities in the region are primarily driven by a rise in drilling activities in the Permian Basin. Active rig count in the region has been on the rise for quite some time now, which triggered the interest of pipeline manufacturers in the area. The latest expansion decision on BridgeTex comes on the heels of a long-term deal signed in July between a Singapore-based commodity trading company, Trafigura Pte Ltd and Plains All American Pipeline. Per the deal, Trafigura demanded 100,000 bpd of Permian crude and condensate delivered to the Gulf Coast.
About BridgeTex Pipeline
BridgeTex Pipeline is a 50/50 joint venture between Magellan Midstream and Plains All American. The pipeline’s transportation capacity was increased to 400,000 bpd from 300,000 bpd in July. After the latest capacity expansion, the Permian Basin crude oil will be delivered from Colorado City, TX to the Houston Gulf Coast area with new capacity of around 440,000 bpd.
About the BridgeTex JV Partners
Magellan Midstream is a master limited partnership that owns and operates a diversified portfolio of energy infrastructure assets. This Tulsa, OK-based partnership primarily transports, stores, and distributes refined petroleum products and, to a lesser extent, ammonia. Currently, the partnership performs its operations via three segments — Refined Products, Crude Oil and Marine Storage. Units of Magellan Midstream have lost 11.4% year to date compared with 24.3% decline of the industry it belongs to.
Houston, TX-based Plains All American, a master limited partnership, is involved in the transportation, storage, terminalling and marketing of crude oil, natural gas, natural gas liquids (NGL) and refined products in the United States and Canada. The partnership has operations in the Permian Basin, South Texas/Eagle Ford area, Rocky Mountain and Gulf Coast in the United States, and Manito, South Saskatchewan, Rainbow in Canada. Plains All American operates through three segments -Transportation, Facilities, and Supply and Logistics. Units of Plains All American have lost 39.6% year to date compared with 24.3% decline of the industry it belongs to.
Zacks Rank & Stock to Consider
Both Magellan Midstream and Plains All American carry Zacks Rank #3 (Hold).
Houston, TX-based ConocoPhillips is a major global exploration and production company. The company’s sales for 2017 are expected to increase 24.4% year over year. The company delivered an average positive earnings surprise of 152.3% in the last four quarters.
Minnetonka, MN -based Northern Oil and Gas is an independent energy company. The company’s sales for the fourth quarter of 2017 are expected to increase 51.9% year over year. The company delivered an average positive earnings surprise of 175% in the last four quarters.
5 Medical Stocks to Buy Now
Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
Image: Bigstock
Magellan (MMP) & Plains All to Increase BridgeTex Capacity
Magellan Midstream Partners, L.P. along with Plains All American Pipeline, L.P. (PAA - Free Report) , its joint venture partner in BridgeTex Pipeline Company, LLC, announced plans to increase the capacity of the BridgeTex pipeline by 40,000 barrels per day (bpd). The joint venture also announced an additional open season to evaluate the demand for increased capacity, which will give potential customers an opportunity to come out with binding commitments by Dec 30, 2017.
The open season activities in the region are primarily driven by a rise in drilling activities in the Permian Basin. Active rig count in the region has been on the rise for quite some time now, which triggered the interest of pipeline manufacturers in the area. The latest expansion decision on BridgeTex comes on the heels of a long-term deal signed in July between a Singapore-based commodity trading company, Trafigura Pte Ltd and Plains All American Pipeline. Per the deal, Trafigura demanded 100,000 bpd of Permian crude and condensate delivered to the Gulf Coast.
About BridgeTex Pipeline
BridgeTex Pipeline is a 50/50 joint venture between Magellan Midstream and Plains All American. The pipeline’s transportation capacity was increased to 400,000 bpd from 300,000 bpd in July. After the latest capacity expansion, the Permian Basin crude oil will be delivered from Colorado City, TX to the Houston Gulf Coast area with new capacity of around 440,000 bpd.
About the BridgeTex JV Partners
Magellan Midstream is a master limited partnership that owns and operates a diversified portfolio of energy infrastructure assets. This Tulsa, OK-based partnership primarily transports, stores, and distributes refined petroleum products and, to a lesser extent, ammonia. Currently, the partnership performs its operations via three segments — Refined Products, Crude Oil and Marine Storage. Units of Magellan Midstream have lost 11.4% year to date compared with 24.3% decline of the industry it belongs to.
Houston, TX-based Plains All American, a master limited partnership, is involved in the transportation, storage, terminalling and marketing of crude oil, natural gas, natural gas liquids (NGL) and refined products in the United States and Canada. The partnership has operations in the Permian Basin, South Texas/Eagle Ford area, Rocky Mountain and Gulf Coast in the United States, and Manito, South Saskatchewan, Rainbow in Canada. Plains All American operates through three segments -Transportation, Facilities, and Supply and Logistics. Units of Plains All American have lost 39.6% year to date compared with 24.3% decline of the industry it belongs to.
Zacks Rank & Stock to Consider
Both Magellan Midstream and Plains All American carry Zacks Rank #3 (Hold).
Some better-ranked stocks in the oil and energy sector include ConocoPhillips (COP - Free Report) and Northern Oil and Gas, Inc. (NOG - Free Report) . Both the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Houston, TX-based ConocoPhillips is a major global exploration and production company. The company’s sales for 2017 are expected to increase 24.4% year over year. The company delivered an average positive earnings surprise of 152.3% in the last four quarters.
Minnetonka, MN -based Northern Oil and Gas is an independent energy company. The company’s sales for the fourth quarter of 2017 are expected to increase 51.9% year over year. The company delivered an average positive earnings surprise of 175% in the last four quarters.
5 Medical Stocks to Buy Now
Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
Click here to see the 5 stocks >>