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Magellan Midstream and Occidental Petroleum Corporation proceed with BridgeTex Pipeline to deliver crude oil

Tuesday, Nov 20, 2012

ULSA, Okla. and LOS ANGELES, Nov. 19, 2012 /PRNewswire/ -- Magellan Midstream Partners, L.P. (NYSE: MMP) ("Magellan") and Occidental Petroleum Corporation (NYSE: OXY) announced today that they are proceeding with the construction of the previously announced BridgeTex Pipeline to transport Permian Basin crude oil from Colorado City, Texas to the Houston Gulf Coast area.

The BridgeTex Pipeline is supported by long-term transportation commitments received during its recent successful open season and has received a favorable order from the Federal Energy Regulatory Commission approving the tariff structure for the pipeline.

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 more than 40% of the nation's refining capacity, and can store 80 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 (NYSE: OXY) is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. Oxy's wholly owned subsidiary OxyChem manufactures and markets chlor-alkali products and vinyls. Oxy 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. More information is available at www.oxy.com.

SOURCE Magellan Midstream Partners, L.P.

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