TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP (NYSE: NGL) and Rimrock Midstream, LLC are pleased to announce a joint venture crude oil pipeline with initial capacity exceeding 130,000 barrels per day originating in Weld County, Colorado and terminating at NGL’s Cushing, Oklahoma terminal. Based on sufficient commitments from shippers, Grand Mesa Pipeline will launch a binding open season to solicit additional long-term volume commitments from customers.
The construction of the Weld County pipeline project will help further develop the crude and condensate rich areas in and around the DJ and Wattenberg fields and provide additional options to transport oil supplies to U.S. markets and refineries in the Midwest, including several interconnected to the NYMEX designated hub of Cushing, Oklahoma. The pipeline not only supports the continued growth and production in the area, but does so in a cost effective and environmentally responsible way by reducing the current utilization of rail and truck transportation while providing jobs and supporting the local economies.
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. NGL completed its initial public offering in May 2011. For further information, visit NGL’s website at www.nglenergypartners.com.
About Rimrock Midstream, LLC
Rimrock Midstream, LLC is a strategic, growth-oriented company formed to acquire, develop and operate a portfolio of midstream energy infrastructure assets. Rimrock has been engaged in the business of acquiring, transporting and storing crude oil in Oklahoma, Kansas, Texas, North Dakota, Wyoming, Colorado, New Mexico and Utah. For more information, visit www.rimrockmidstream.com.
This press release includes “forward-looking statements.” All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. While NGL believes its expectations as reflected in the forward-looking statements are reasonable, NGL can give no assurance that such expectations will prove to be correct. The forward-looking statements involve risks and uncertainties that affect operations, financial performance, and other factors as discussed in filings with the Securities and Exchange Commission. Other factors that could impact any forward-looking statements are those risks described in NGL’s annual report on Form 10-K, quarterly reports on Form 10-Q, and other public filings. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading “Risk Factors”. NGL undertakes no obligation to publicly update or revise any forward-looking statements except as required by law.
