Magellan buys pipeline system
TULSA — Magellan Midstream Partners LP closed on its acquisition of Rocky Mountain pipeline assets from Plains All American Pipeline LP. The pipeline system includes about 550 miles of common carrier pipeline that distributes refined petroleum products in Colorado, South Dakota and Wyoming, plus four terminals with nearly 1.7 million barrels of storage. “This Rocky Mountain pipeline system is a strategic fit with Magellan's existing asset footprint,” CEO Michael Mears said. Magellan funded the $135 million purchase price primarily with proceeds from the partnership's recent debt offering.
Williams completes $1B offering
TULSA — Williams Partners on Friday announced that it has completed a $1 billion offering of senior notes. The partnership plans to use proceeds from the offering to repay debt, fund capital expenditures and for general corporate purposes.
LSB adds new board member
Oklahoma City University President and CEO Robert Henry, 60, will join the board of directors for LSB Industries Inc. LSB Industries' directors voted to add Henry to the board Thursday. Henry served on the U.S. 10th Circuit Court of Appeals from 1994 until 2010, when he was chief judge. He was dean and a professor for the Oklahoma City University School of law from 1991 to 1994. Henry served as Oklahoma attorney general from 1987 to 1991.
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