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BridgeTex Pipeline Begins Commercial Service from the Permian Basin to the Houston Gulf Coast Area

MMP, OXY

TULSA, Okla. and HOUSTON, Sept. 29, 2014 /PRNewswire/ -- Magellan Midstream Partners, L.P. (NYSE: MMP) ("Magellan") and Occidental Petroleum Corporation (NYSE: OXY) announced today that BridgeTex Pipeline began commercial service today, delivering crude oil from West Texas to the Houston Gulf Coast area.

Construction of the BridgeTex Pipeline commenced in Nov. 2012 following an initial successful open season in which BridgeTex secured long-term transportation commitments supporting the project. Initial flow rates are expected to ramp up over time, as the BridgeTex Pipeline is capable of transporting up to 300,000 barrels per day of Permian Basin crude oil.

About Magellan Midstream Partners, L.P.

Magellan Midstream Partners, L.P. (NYSE: MMP) is a publicly traded partnership that primarily transports, stores and distributes petroleum products. The partnership owns the longest refined petroleum products pipeline system in the country, with access to nearly 50% of the nation's refining capacity, and can store more than 90 million barrels of petroleum products such as gasoline, diesel fuel and crude oil. More information is available at www.magellanlp.com.

About Occidental Petroleum Corporation

Occidental Petroleum Corporation is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. Headquartered in Houston, Occidental is one of the largest U.S. oil and gas companies, based on equity market capitalization. Occidental's midstream and marketing segment gathers, processes, transports, stores, purchases and markets hydrocarbons and other commodities in support of Occidental's businesses. Occidental's wholly owned subsidiary OxyChem manufactures and markets chlor-alkali products and vinyls. Occidental is committed to safeguarding the environment, protecting the safety and health of employees and neighboring communities, and upholding high standards of social responsibility in all of the company's worldwide operations.

Portions of this document constitute forward-looking statements as defined by federal law. Although management of Magellan Midstream Partners, L.P. and Occidental Petroleum Corporation believe any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Among the key risk factors associated with the project that may have a direct impact on the companies' results of operations and financial condition are: (1) their ability to obtain all required permits and regulatory approvals on time; (2) their ability to complete construction of the project on time and at expected costs; (3) price fluctuations and overall demand for crude oil; (4) changes in the BridgeTex Pipeline's tariff rates or other terms imposed by state or federal regulatory agencies; (5) the occurrence of an operational hazard or unforeseen interruption; (6) disruption in the debt and equity markets that negatively impacts the companies' abilities to finance capital spending and (7) failure of customers to meet or continue contractual obligations to the companies or to the BridgeTex Pipeline. Additional information about issues that could lead to material changes in performance is contained in the Securities and Exchange Commission filings for both companies. The companies undertake no obligation to revise these forward-looking statements to reflect events or circumstances occurring after today's date.

Contacts:


Magellan:

Paula Farrell, Investor Relations (918) 574-7650, paula.farrell@magellanlp.com


Bruce Heine, Media Relations (918) 574-7010, bruce.heine@magellanlp.com 



Occidental:

Patrick Cassidy, Media Relations (713) 840-3019, patrick_cassidy@oxy.com

                       

SOURCE Magellan Midstream Partners, L.P.; Occidental Petroleum Corporation