Oklahoman Published: June 20, 2009
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Magellan selected

TULSA — Magellan Midstream Partners LP announced Friday that it has been chosen as the stalking horse bidder and will be seeking to acquire substantially all assets of bankrupt Longhorn Partners Pipeline LP. Longhorn will be submitting a bid of about $340 million, which will include $250 million for the 700-mile pipeline system and about $90 million for the fair market value of product in the pipeline system. A stalking horse bidder is the entity chosen to make the first bid from a pool of bidders. Once the stalking horse has made its bid, other potential buyers can submit theirs.

Cattle survey set to begin
The U.S. Department of Agriculture will conduct a nationwide cattle inventory during the first two weeks of July. Nearly 10,000 cattle operations across the country will be contacted, and the data will provide an estimate of the state of U.S. cattle production. The National Agricultural Statistics Service will publish the results in a biannual report, scheduled to be released July 24.

Ignacio plant back in service
TULSA — Williams Partners LP’s Ignacio natural gas processing plant has been repaired and returned to service on Friday after being shut down due to a pipeline rupture June 3. The partnership does not expect that the incident will affect expected distributions or have a material impact on its financial position. The Ignacio plant is part of Williams Four Corners LLC, which is owned by Williams Partners. Williams operates the facility near Durango, Colo.

Catoosa port sees decline
TULSA — Barge shipping at Tulsa’s Port of Catoosa was down 50 percent in May due to the economic recession. Officials say excessive river flows along the McClellan-Kerr Arkansas River Navigation contributed to the decrease. The river system handled half a million tons of freight during the month of May, and roughly one-forth traveled through Oklahoma. Of the Oklahoma portion, 61 percent was shipped through the Port of Catoosa.

From staff reports


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