October 1, 2018 - 8:00 AM EDT
Print Email Article Font Down Font Up Charts


Plains All American, Magellan Midstream and OMERS Infrastructure Announce Closing of BridgeTex Pipeline Company, LLC Joint Ownership Transaction

HOUSTON & TULSA, Okla. & TORONTO

Plains All American Pipeline, L.P. (NYSE: PAA) (“Plains”), Magellan Midstream Partners, L.P. (NYSE: MMP) (“Magellan”), and OMERS, the defined benefit pension plan for municipal employees in Ontario, Canada (“OMERS”), along with OMERS Infrastructure Management Inc. (“OMERS Infrastructure”), the infrastructure investment manager of OMERS, today announced that certain of their subsidiaries have closed the previously announced joint ownership transaction in BridgeTex Pipeline Company, LLC (“BridgeTex”). As a result, OMERS now owns a 50% interest in BridgeTex, Plains has retained a 20% interest, and Magellan has retained a 30% interest and will continue to operate the pipeline.

About Magellan Midstream Partners, L.P.

Magellan Midstream Partners, L.P. is a publicly traded partnership that primarily transports, stores and distributes refined petroleum products and crude oil. The partnership owns the longest refined petroleum products pipeline system in the country, with access to nearly 50% of the nation’s refining capacity, and can store more than 100 million barrels of petroleum products such as gasoline, diesel fuel and crude oil. More information is available at www.magellanlp.com.

About Plains All American Pipeline, L.P.

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, NGLs and natural gas. Plains 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, Plains handles more than 5 million barrels per day of crude oil and NGL in its Transportation segment. Plains is headquartered in Houston, Texas. More information is available at www.plainsallamerican.com.

About OMERS and OMERS Infrastructure

OMERS Infrastructure invests globally in infrastructure assets on behalf of OMERS, the defined benefit pension plan for Ontario’s municipal employees. Investments are aimed at steady returns to help deliver strong and sustainable pensions to OMERS members. OMERS Infrastructure’s diversified portfolio of large-scale infrastructure assets exhibits stability and strong cash flows, in sectors including energy, transportation and government-regulated services.

OMERS has employees in Toronto and other major cities across North America, the U.K., Europe, Asia and Australia. OMERS is one of Canada's largest defined benefit pension funds, with net assets of more than C$95 billion. Visit www.omersprivatemarkets.com for more information.

Forward Looking Statements:

This press release includes 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 could cause actual results or outcomes to differ materially from results or outcomes anticipated in the forward-looking statements. Important risks, uncertainties and other factors that could affect future results or outcomes are discussed in Plains’ and Magellan’s filings with the Securities and Exchange Commission. Plains and Magellan undertake no obligation to update or revise any forward-looking statement to reflect new information or events occurring after today’s date.

Plains:
Brett Magill, (866) 809-1291
Investor Relations
or
Brad Leone, (866) 809-1290
Communications
or
Magellan:
Paula Farrell, (918) 574-7650
Investor Relations
[email protected]
or
Bruce Heine, (918) 574-7010
Media Relations
[email protected]
or
OMERS:
Neil Hrab, (416) 369-2418
Communications and Media Relations
[email protected]


Source: Business Wire (October 1, 2018 - 8:00 AM EDT)

News by QuoteMedia
www.quotemedia.com

Legal Notice