SEMGROUP CORPORATION
TULSA, Okla., Dec. 19, 2016 (GLOBE NEWSWIRE) -- SemGroup® Corporation (NYSE:SEMG) and NGL Energy Partners LP (NYSE:NGL) today announced that its jointly owned venture, Glass Mountain Pipeline, LLC will construct a 44-mile pipeline extension of the Glass Mountain Pipeline system in Oklahoma. This extension will deliver crude oil from north-central Oklahoma’s STACK resource play to Cushing, Okla.
“We’re excited about this opportunity to enter the STACK,” said David Minielly, vice president of SemGroup’s crude operations. “It’s a continuously growing area with strong economics for producers. We believe in the play and are happy to offer a new midstream option to meet producer demands.”
“The STACK extension will provide local producers with a cost-effective and reliable transportation solution from the core of the STACK to Glass Mountain’s storage facilities in Cushing, which enable further delivery to refineries and the Gulf Coast,” said Don Robinson, executive vice president of NGL’s crude operations. “The extension will tie-in to the existing Glass Mountain mainline facilitating a shortened construction timeline.”
Glass Mountain Pipeline has also entered into a long-term, fee-based transportation agreement with a large investment grade producer in the STACK that includes a committed area of dedication. Route selection is complete and right-of-way acquisition is underway. The extension is expected to be in service during the fourth quarter of 2017, pending the timely acquisition of right-of-way and the satisfaction of all necessary regulatory requirements.
Glass Mountain Pipeline is a joint venture owned equally between SemGroup Corporation and NGL Energy Partners LP. The current pipeline is 215-miles long and delivers crude oil from the Mississippi Lime and Granite Wash plays to Cushing.
About SemGroup
Based in Tulsa, Okla., SemGroup® Corporation is a publicly traded midstream service company providing the energy industry the means to move products from the wellhead to the wholesale marketplace. SemGroup provides diversified services for end users and consumers of crude oil, natural gas, natural gas liquids, refined products and asphalt. Services include purchasing, selling, processing, transporting, terminalling and storing energy.
SemGroup uses its Investor Relations website and social media outlets as channels of distribution of material company information. Such information is routinely posted and accessible on our Investor Relations website at www.semgroupcorp.com, our Twitter account and LinkedIn account.
About NGL Energy Partners LP
NGL Energy Partners LP is a Delaware limited partnership. NGL owns and operates a vertically integrated energy business with five primary businesses: water solutions, crude oil logistics, NGL logistics, refined products/renewables and retail propane. For further information, visit the Partnership’s website at www.nglenergypartners.com.
Forward-Looking Statements
Certain matters contained in this Press Release include "forward-looking statements." All statements, other than statements of historical fact, included in this Press Release may constitute forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, the risk factors discussed from time to time in each of our documents and reports filed with the SEC.
Readers are cautioned not to place undue reliance on any forward-looking statements contained in this Press Release, which reflect management's opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.
Contacts: SemGroup Corporation Investor Relations: Alisa Perkins 918-524-8081 investor.relations@semgroupcorp.com Media: Kiley Roberson 918-524-8594 kroberson@semgroupcorp.com Commercial Development: John Caldwell 405-945-6328 jcaldwell@semgroupcorp.com NGL Energy Partners LP Investor Relations: Trey Karlovich 918-481-1119 Executive Vice President and Chief Financial Officer Trey.Karlovich@nglep.com Linda Bridges 918-481-1119 Vice President – Finance and Treasurer Linda.Bridges@nglep.com Commercial Development: Jeff Matthews 405-509-2607 Jeff.Matthews@nglep.com
