IRVING, Texas–(BUSINESS WIRE)–Medallion Pipeline Company, LLC (“Medallion”), a subsidiary of Medallion Midstream LLC, today announced the successful closing of the binding open season for its proposed crude oil pipeline extension, (the “Crane Extension”), as well as the capacity expansion of its existing Midkiff Lateral pipeline, (the “Midkiff Expansion”). As previously announced, the binding open season for the Crane Extension and Midkiff Expansion commenced on February 24, 2016.
Based on a binding capacity bid received during the open season, Medallion has executed a long-term Transportation Service Agreement which provides a capacity commitment sufficient to move forward with the Crane Extension and the Midkiff Expansion project on a schedule that is expected to place the combined project in service during the second quarter of 2016.
The Crane Extension will extend approximately 25 miles southwest from the existing Midkiff Station in Upton County, Texas to an interconnection with Magellan Midstream Partners’ Longhorn Pipeline in east Crane County, Texas (the “Crane Station”). The Crane Extension will have a capacity of approximately 100,000 barrels per day and will be capable of providing bi-directional services.
As an integrated part of the overall project, the Midkiff Expansion will expand the current 75,000 barrel per day capacity of the Midkiff Lateral by approximately 25,000 barrels per day. As part of the Midkiff Expansion, the existing Midkiff Lateral will be reconfigured for bi-directional operations.
“The successful close of the Crane Extension and Midkiff Lateral Expansion Open Season typifies Medallion’s goal of providing the best service and greatest optionality for crude oil producers in the Midland Basin,” said Randy Lentz, CEO of Medallion. “Multiple interconnections offering access to quality markets is the best way to ensure long-term sustainable value for our customers.”
More information concerning the Crane Extension and Midkiff Expansion and the binding open season is available on the Medallion website (www.medallionmidstream.com) or by contacting the Medallion representative listed below.
Medallion Pipeline Company, LLC
222 West Las Colinas Blvd., Suite 1140E
Irving, Texas 75039
Attention: Paige Snider
About Medallion Midstream, LLC
Medallion Midstream is an Irving, Texas based full services midstream provider specializing in the construction and operation of natural gas and crude oil midstream infrastructure. Medallion delivers responsive, reliable and comprehensive services and solutions for its customers. Medallion is a portfolio company of The Energy & Minerals Group (“EMG”). To learn more about Medallion, please visit www.medallionmidstream.com.
About The Energy & Minerals Group
EMG is the management company for a series of specialized private equity funds. The Firm was founded by John Raymond (majority owner and CEO) and John Calvert in 2006. EMG focuses on investing across various facets of the global natural resource industry including the upstream and midstream segments of the energy complex. EMG has approximately $16.5 billion of assets under management and approximately $9.4 billion in commitments have been allocated across the energy sector since inception.