Capline Reversal Binding Open Season
Capline Pipeline Company LLC Announces One-Week Extension to Capline Reversal Binding Open Season
FINDLAY, Ohio, April 29, 2019 - Capline Pipeline Company LLC announced today that it will extend its binding open season by one week. In response to feedback from potential shippers, Capline has made minor revisions to its open season documents. The binding open season will be extended to May 7, 2019 at 12:00 EDT to allow potential shippers adequate time to review these revisions, and to provide additional time to finalize commitments to Capline and connecting infrastructure.
The open season underway solicits shipper interest for the Capline system’s southbound service from Patoka, Ill., to St. James, La. or Liberty, Miss., with an additional origination point at Cushing, Okla., as part of a joint tariff with Diamond pipeline. Capline is a 40-inch, 632-mile pipeline system extending from Patoka, Ill., to St. James, La. The reversed service is scheduled to commence in September 2020.
Marathon Pipe Line LLC, the pipeline’s operator, is managing the open season and the joint tariff with Diamond pipeline. Interested shippers must execute a non-disclosure agreement and will then be provided access to the open season documents. Pending a successful open season, and subject to necessary approvals, Capline will continue project development and begin construction to enable southbound flow.
The binding open season began on Wednesday, January 30, 2019 at 4 p.m. EST, and will now conclude on May 7, 2019, at 12 p.m. EDT. Capline Pipeline Company LLC’s majority owner is a Plains All American Pipeline, L.P. subsidiary, and minority owners are a Marathon Petroleum Corporation subsidiary and BP Oil Pipeline Company.
This press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements relate to, among other things, timing for the anticipated operations discussed above. You can identify forward-looking statements by words such as "anticipate," "believe," "design," "estimate," "expect," "forecast," "goal," "guidance," "imply," "intend," "objective," "opportunity," "outlook," "plan," "position," "pursue," "prospective," "predict," "project," "potential," "seek," "strategy," "target," "could," "may," "should," "would," "will" or other similar expressions that convey the uncertainty of future events or outcomes. Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the control of the companies and are difficult to predict. Factors that could impact the opportunities described above are: the timing and extent of changes in commodity prices and demand for crude oil, refined products, feedstocks or other hydrocarbon-based products; continued/further volatility in and/or degradation of market and industry conditions; changes to the expected construction costs and timing of projects; completion of pipeline capacity by competitors; the ability to obtain required regulatory approvals on a timely basis; or the occurrence of an operational hazard or unforeseen interruption. In addition, the forward-looking statements included herein could be affected by general domestic and international economic and political conditions.