TULSA, Okla., Nov. 15, 2013 /PRNewswire/ -- Magellan Midstream Partners, L.P. (NYSE: MMP) announced today that it has closed on its previously-announced acquisition of Rocky Mountain pipeline assets from Plains All American Pipeline, L.P. (NYSE: PAA).
The pipeline system includes approximately 550 miles of common carrier pipeline that distributes refined petroleum products in Colorado, South Dakota and Wyoming. The system includes 4 terminals with nearly 1.7 million barrels of storage.
"This Rocky Mountain pipeline system is a strategic fit with Magellan's existing asset footprint, leveraging our refined products expertise and existing customer relationships while extending the reach of our pipeline system to allow us to serve new geographic markets," said Michael Mears, chief executive officer.
Magellan funded the $135 million purchase price primarily with proceeds from the partnership's recent debt offering.
About Magellan Midstream Partners, L.P.
Magellan Midstream Partners, L.P. (NYSE: MMP) is a publicly traded partnership that primarily transports, stores and distributes refined petroleum products and crude oil. The partnership owns the longest refined petroleum products pipeline system in the country, with access to more than 40% of the nation's refining capacity, and can store over 80 million barrels of petroleum products such as gasoline, diesel fuel and crude oil.