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Copano Energy and Magellan Midstream Form Joint Venture to Deliver Eagle Ford Shale Condensate to Corpus Christi
Copano Energy, L.L.C. (NASDAQ: CPNO) and Magellan Midstream Partners, L.P. (NYSE: MMP) announced today the formation of a joint venture to deliver Eagle Ford Shale condensate to Corpus Christi, Texas. The 50/50 joint venture, known as Double Eagle Pipeline LLC, will construct and own approximately 140 miles of new pipeline to connect an existing 50-mile pipeline segment owned by Copano to Karnes, Live Oak, McMullen and LaSalle Counties of Texas, enabling delivery of condensate to Magellan’s terminal in Corpus Christi. The initial capacity of the pipeline will be 100,000 barrels per day. Double Eagle also will construct a new truck unloading facility along the pipeline near Three Rivers, Texas for deliveries of condensate destined for Corpus Christi.