July 12, 2017 - 4:54 PM EDT
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Featured Company News – Magellan Midstream Partners and Plains All American Pipeline Launch BridgeTex Open season for Capacity Expansion

LONDON, UK / ACCESSWIRE / July 11, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Magellan Midstream Partners, L.P. (NYSE: MMP) ("Magellan"), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=MMP. The Company and Plains All American Pipeline, L.P. (NYSE: PAA) ("Plains") announced on July 06, 2017, that BridgeTex Pipeline Company LLC, which is jointly owned by Magellan and Plains, is considering capacity expansion of its crude pipeline connecting the Permian Basin production to the Gulf Coast. For immediate access to our complimentary reports, including today's coverage, register for free now at:


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An open session to assess customer interest

BridgeTex Pipeline Company launched an open session primarily to evaluate customer interest in capacity expansion and a new origin in Midland, Texas. Interested customers must submit their binding commitment by 5:00 PM CT on August 04, 2017.

BridgeTex Pipeline's expansion plans

Beginning of this year, the BridgeTex Pipeline announced plans to augment its capacity from 3,00,000 bpd (i.e. barrels per day) to 4,00,000 bpd to transport Permian Basin crude oil from Colorado City, Texas to the Houston Gulf Coast area. The increased capacity will be available in Q2 2017 after improvements in its existing pumps and related equipment. If justified by customer demand, BridgeTex would further increase its pipeline capacity to around 440,000 bpd. This plan of capacity expansion was announced after commodity trader Trafigura signed a long-term deal with Plains All American Pipeline for the off-take of 100K bpd of Permian crude and condensate to be delivered to the Gulf Coast.

Also, recently Enterprise Product Partners signed up additional shippers on its Midland, Texas, to Sealy, Texas, crude pipeline. The open session by BridgeTex could be an effort to match the capacity on the Midland to Sealy line.

About Magellan Midstream Partners

Magellan Midstream Partners, L.P. is a publicly traded partnership firm that mainly transports, stores, and distributes refined petroleum products and crude oil. It owns the longest refined petroleum products pipeline system in the country, with access to about half of the country's refining capacity, and can store around 100 million barrels of petroleum products such as gasoline, diesel fuel, and crude oil.

About Plains All American Pipeline

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, natural gas and refined products. The firm owns an elaborate network of pipeline transportation and storage. It handles an average of about 4.7 million barrels per day of crude oil and natural gas liquids in its transportation segment.

Last Close Stock Review

At the close of trading session on Monday, July 10, 2017, Magellan Midstream Partners' stock price dropping 1.36% to end the day at $69.55. A total volume of 818.76 thousand shares was exchanged during the session, which was above the 3-month average volume of 645.59 thousand shares. The Company's shares are trading at a PE ratio of 19.39 and have a dividend yield of 5.02%. At Monday's closing price, the stock's net capitalization stands at $15.86 billion.

On Monday, July 10, 2017, the stock closed the trading session at $26.00, marginally down 0.84% from its previous closing price of $26.22. A total volume of 2.77 million shares has exchanged hands, which was higher than the 3-month average volume of 2.48 million shares. Plains All American Pipeline's stock price advanced 2.77% in the last one month. The stock is trading at a PE ratio of 29.85 and has a dividend yield of 8.46%. The stock currently has a market cap of $19.02 billion.

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SOURCE: Pro-Trader Daily

Source: ACCESSWIRE (July 12, 2017 - 4:54 PM EDT)

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