NGL Energy Partners LP (NGL) said Wednesday its subsidiary, Grand Mesa Pipeline LLC, is on schedule for a Nov. 1 launch for its newly-constructed oil pipeline system, which is expected to be $18 million under budget.
Parts of the pipeline, which will stretch from Weld County, Colorado, to Cushing, Oklahoma, is also under a joint ownership between NGL and Saddlehorn Pipeline Company, LLC. The Grand Mesa system will deliver crude oil to NGL’s 4.6 million barrel storage facility in Oklahoma.
“We believe we have delivered an innovative, cost competitive, long-term solution to the operators in the DJ Basin and we look forward to working with our producer and shipper customers for many years to come,” said NGL Chief Executive Officer Mike Krimbill.
Shares for NGL Energy were last trading up 0.15% at the close of trading Tuesday.