SAN ANTONIO, TEXAS - August 11, 2017 - Andeavor (NYSE:ANDV) is pleased to announce that it received sufficient commitments from third party shippers to warrant construction of the Conan Crude Oil Gathering Pipeline system in the Delaware Basin.
As previously announced, the Conan Crude Oil Gathering Pipeline system will be approximately 130 miles in length and transport crude oil from origins in Lea County, New Mexico and Loving County, Texas to a terminal to be constructed in Loving County, Texas, where the gathering system interconnects with long-haul pipeline carriers. The first phase of the Conan Crude Oil Gathering Pipeline system will provide capacity of approximately 250,000 barrels per day. Future phases of the system may expand capacity up to 500,000 barrels per day.
The system is under construction and is expected to begin commercial service in mid-2018. The estimated capital investment for the first phase of the gathering system is approximately $225 million of which $75 million is expected to be spent in 2017.
Andeavor is a premier, highly integrated marketing, logistics and refining company. Andeavor's retail-marketing system includes more than 3,100 retail stations marketed under multiple well-known fuel brands, including ARCO®, SUPERAMERICA®, Shell®, Exxon®, Mobil®, Tesoro®, USA Gasoline(TM) and Giant®. It also has ownership in two logistics businesses, which include Andeavor Logistics LP and Western Refining Logistics, LP (NYSE: WNRL) and ownership of their general partners. Andeavor operates 10 refineries with a combined capacity of approximately 1.2 million barrels per day in the mid-continent and western United States.
Brian Randecker, Investor Relations, (210) 626-4757
Andeavor Media Relations, firstname.lastname@example.org, (210) 626-7702
FORWARD LOOKING STATEMENTS
This release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including without limitation statements concerning: the Companies' operational, financial and growth strategies, the Company's ability to successfully effect those strategies and the expected results thereof; and statements regarding the Conan Crude Oil Gathering Pipeline system, including expected capacity, timing and capital investment. For more information concerning factors that could affect these statements, see the Company's annual reports on Form 10-K, quarterly reports on Form 10-Q, and other public filings and press releases, available at www.andeavor.com. The Company undertakes no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise.