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TULSA, Okla., Aug. 23, 2018 (GLOBE NEWSWIRE) -- SemGroup® Corporation (NYSE:SEMG) and its subsidiary HFOTCO this week received the first ship at their recently completed deep-water dock along the Houston Ship Channel. The new ship dock is located on Port Houston property and is capable of handling up to Suezmax-size vessels with 45-foot drafts. HFOTCO owns and operates four other ship docks of this size as well as seven barge docks in addition to approximately 18.25 million barrels of storage capacity on its 330-acre waterfront site.
This summer HFOTCO completed construction on the new ship dock and added 1.45 million barrels of new crude storage. The expansions provide HFOTCO increased capacity to serve growing ship traffic within the Gulf Coast’s massive processing, trading, refining and import/export complex.
“Our unique position on the Houston Ship Channel provides us vast connectivity from virtually all U.S. production basins to the Gulf Coast refining corridor and the growing export market,” said Shaun Revere, CEO of HFOTCO. “The completion of Ship Dock 5 demonstrates our long-term commitment to expand with the Port of Houston and the Houston Ship Channel. Our parent company, SemGroup, purchased HFOTCO in 2017 as part of its strategy to diversify its business and capture the tremendous opportunities this waterfront property has to offer. We are glad to be part of a company that shares our vision for this area and will continue to invest in infrastructure to better serve our customers.”
Port of Houston Authority Executive Director Roger Guenther added: “The completion of this dock on the Houston Ship Channel by HFOTCO is a positive development. This partnership between the Port Authority and the company allows us to optimize our real estate assets and meet our strategic growth plan objective to grow and diversify our business base. It also allows HFOTCO to meet its objectives.”
Construction on HFOTCO’s Ship Dock Five began in December 2016 and was completed this past June. The project included installation of pipelines connecting the HFOTCO storage area to the new dock for loading and offloading of product. HFOTCO’s crude oil capacity and connectivity has more than doubled in the last five years, including the addition of crude oil export capabilities. HFOTCO has also expanded to handle refined products such as naphtha, jet fuel, and other distillate products. With the support and vision of SemGroup, HFOTCO will continue to grow its service capabilities and capacities.
SemGroup® Corporation (NYSE:SEMG) moves energy across North America through a network of pipelines, processing plants, refinery-connected storage facilities and deep-water marine terminals with import and export capabilities. SemGroup serves as a versatile connection between upstream oil and gas producers and downstream refiners and end users. Key areas of operation and growth include western Canada, the Mid-Continent and the Gulf Coast. SemGroup is committed to safe, environmentally sound operations. Headquartered in Tulsa, Okla., the company has additional offices in Calgary, Alberta; Platteville, Colo.; and Houston, Texas.
SemGroup uses its Investor Relations website and social media outlets as channels of distribution of material company information. Such information is routinely posted and accessible on our Investor Relations website at www.semgroupcorp.com, our Twitter account and LinkedIn account.
About Port Houston
For more than 100 years, the port has owned and operated the public wharves and terminals of the Port of Houston – the nation’s largest port for foreign waterborne tonnage and an essential economic engine for the Houston region, the state of Texas, and the nation. It supports the creation of nearly 1.175 million jobs in Texas and 2.7 million jobs nationwide, and economic activity totaling almost $265 billion in Texas – 16 percent of Texas’ total gross domestic product – and more than $617 billion in economic impact across the nation. For more information, visit Port Houston’s website at: www.porthouston.com.
Certain matters contained in this Press Release include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. SEMG makes these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical fact, included in this Press Release may constitute forward-looking statements. Although SEMG believes that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include the risk factors discussed from time to time in each of SEMG’s documents and reports filed with the SEC.
Readers are cautioned not to place undue reliance on any forward-looking statements contained in this Press Release, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.
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