Teppco Partners has placed into service three new crude oil storage tanks at its Cushing, Oklahoma facility, representing a 900,000 barrel, or nearly a 50%, increase in its storage capacity.
The expansion, which is supported by long-term dedicated lease agreements, brings total capacity at the Cushing facility to 2.8 million barrels.
The initiatives are part of Teppco’s previously announced capital expenditure program. Since acquiring its Cushing assets in 2000, the partnership has more than tripled storage capacity. With additional property available for expansion, Teppco continues to evaluate opportunities to build additional tanks at the facility.
Jerry Thompson, president and CEO of Teppco, said: The expansion of our Cushing crude oil assets provides the market with valuable, incremental storage capacity, particularly for supplies coming from the Gulf Coast and Canada. Increasing storage capacity at Cushing, a vital US crude oil market hub that offers connectivity to multiple distribution outlets, is one of the drivers of the partnership’s growth strategy.