HOUSTON, Jan. 3, 2018 /PRNewswire/ — American Midstream Partners, LP (NYSE: AMID) (“AMID”) announced today the completion and commencement of deliveries on the previously announced Cayenne Pipeline joint venture (“Cayenne”) between AMID and Targa Resources Corp. (NYSE: TRGP) (“Targa”). Cayenne will initially have 40,000 barrels per day of Y-grade NGL transport capacity with the ability to expand to more than 50,000 barrels per day. Cayenne will originate from the Targa-operated Venice gas processing plant and deliver to fractionation in Southern Louisiana.
The commencement of Cayenne provides AMID with strategic transport capabilities for the majority of all NGL volume out of Gulf of Mexico’s deep-water Mississippi Canyon region where AMID has developed an integrated gathering and transportation network. Cayenne is supported by a 15-year dedication for all NGL production from Targa’s 750 MMcf/d Venice plant with inlet from six offshore Gulf of Mexico pipelines.
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“The commencement of Cayenne demonstrates AMID’s ability to react to market demand and simultaneously execute on highly attractive commercial opportunities. Cayenne not only benefits offshore producers with a substantial increase in NGL take away capacity, but also creates meaningful value to AMID by taking an underutilized pipeline and altering its services into a strategic project,” stated Lynn Bourdon III, President and Chief Executive Officer.
About American Midstream Partners, LP
American Midstream Partners, LP is a growth-oriented limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs, condensate and specialty chemicals to end-use markets. American Midstream’s assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 100 MBbl/d of crude oil and 240 MMcf/d of natural gas; and terminal sites with approximately 6.7 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com. The content of our website is not part of this release.
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements related to Cayenne’s benefits, operating results and any capacity expansion. We have used the words “could,” “expect,” “intend,” “may,” “will,” “would” and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include the risk factors described in Part I, Item 1A. in our Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March 28, 2017, our Form 10-Q for the quarter ended September 30, 2017, filed with the SEC on November 9, 2017, and our other filings with the SEC. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.
American Midstream Partners, LP
Director of Investor Relations
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SOURCE American Midstream Partners, LP