Anadarko Joins Magellan Midstream and Plains All American to Build Saddlehorn Pipeline

abarrelfullabarrelfull wrote on 02 Oct 2015 06:35
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Mar 18, 2015

Magellan Midstream Partners (NYSE: MMP) ("Magellan") and Plains All American Pipeline, L.P. (NYSE: PAA) ("Plains") announced today that a wholly owned subsidiary of Anadarko Petroleum Corporation (NYSE: APC) has exercised its option to purchase a 20% equity interest in Saddlehorn Pipeline Company. As a result of today's announcement, the equity ownership in Saddlehorn will be 40% Magellan, 40% Plains and 20% Anadarko.

Saddlehorn is a limited liability company that will construct, own and operate the Saddlehorn pipeline, an approximately 550-mile pipeline that will transport various grades of crude oil from the DJ Basin, and potentially the broader Rocky Mountain area resource plays, to storage facilities in Cushing, OK owned by Magellan and Plains. The 20-inch pipeline will have an ultimate capacity to transport up to 400,000 barrels per day (bpd), but the initial capacity of the Saddlehorn pipeline is expected to be closer to 200,000 bpd.

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