Supplemental Open Season Launched for Medallion Expansion
Medallion Pipeline Company said it successfully closed a binding open season for a major expansion of its Permian crude oil pipeline and launched a supplemental open season for additional capacity in response to "compelling interest" by potential shippers.
Irving, Texas-based Medallion plans to expand six segments of its pipeline system to transport increased quantities of crude oil, produced from acreage near its Midland Basin system, to downstream pipelines and markets.
Medallion said it received sufficient long-term binding commitments to move forward with construction of the expansion. It expects to commence expanded system operations in phases, with full commercial operations occurring during the fourth quarter of 2019.
Because of the interest expressed by potential shippers during the open season, and based on ongoing discussions with potential shippers, Medallion said it is conducting a supplemental open season to solicit additional binding long-term commitments for expanded capacity.
“The continued interest of potential shippers in increased pipeline capacity in the Midland Basin, is compelling,” said Randy Lentz, CEO of Medallion. “We are excited about the significant production growth in the region and the opportunity to meet the growing demand for pipeline capacity.”
The supplemental open season is subject to the same terms and conditions as originally proposed in the open season. The supplemental open season maintains the same transportation options, the same origin and destination points, the same rates and provides the same options for existing committed shippers as proposed in the open season. The supplemental open season ends at 4 p.m. CDT on Aug. 22, 2018.
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