Sunoco Logistics Partners L.P. to Move Forward with Permian Express Phase I to Increase Crude Oil Outflow from West Texas
PHILADELPHIA--(BUSINESS WIRE)-- Sunoco Logistics Partners L.P. (NYSE: SXL) announced today that it has received enough binding commitments to enable Permian Express Phase I, a project to transport West Texas crude oil to Gulf Coast markets, to proceed. Although sufficient commitments have been received for this project to move forward, the binding open season continues and will close on September 6, 2012.
As previously announced, Permian Express Phase I will provide continuous pipeline service from Wichita Falls, Texas to Nederland/Beaumont, Texas markets. At Wichita Falls, a connection from Basin Pipeline will be provided. Due to the use of existing assets, the capacity to transport approximately 90,000 barrels per day to Nederland/Beaumont will be operational in the first quarter of 2013.
With the use of pipe already in the ground, Permian Express Phase I offers West Texas producers and Gulf Coast refiners a fast and cost-efficient solution with tremendous operational flexibility, said Michael J. Hennigan, Sunoco Logistics president and chief executive officer. We look forward to having this project on-line in the first quarter of 2013.
ABOUT SUNOCO LOGISTICS (SXL)
Sunoco Logistics Partners L.P. (NYSE: SXL), headquartered in Philadelphia, is a master limited partnership that owns and operates a logistics business consisting of a geographically diverse portfolio of complementary pipeline, terminalling and crude oil acquisition and marketing assets. The Crude Oil Pipelines segment consists of approximately 5,400 miles of crude oil pipelines, located principally in Oklahoma and Texas. The Crude Oil Acquisition and Marketing segment consists of acquisition and marketing of crude oil and is principally conducted in the midcontinent and consists of approximately 200 crude oil transport trucks and approximately 120 crude oil truck unloading facilities. The Terminal Facilities segment consists of approximately 42 million shell barrels of refined products and crude oil terminal capacity (including approximately 22 million shell barrels of capacity at the Nederland Terminal on the Gulf Coast of Texas and approximately 5 million shell barrels of capacity at the Eagle Point terminal on the banks of the Delaware River in New Jersey). The Refined Products Pipelines segment consists of approximately 2,500 miles of refined products pipelines located in the northeast, midwest and southwest United States, and equity interests in four refined products pipelines.
Sunoco Logistics Partners L.P.
Thomas Golembeski (media) 215-977-6298
Pete Gvazdauskas (investors) 215-977-6322
Source: Sunoco Logistics Partners L.P.Copyright Business Wire 2012