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The quality specifications of the new futures contract will be consistent with a West Texas Intermediate (“WTI”) crude oil originating from the Permian Basin with common delivery options at either the Magellan East Houston (“MEH”) terminal or the Enterprise Crude Houston (“ECHO”) terminal. In support of this new futures contract, Magellan and Enterprise anticipate discontinuing their existing provisions for delivery services under the current futures contracts deliverable at each terminal once the new contract receives regulatory approval and is finalized.

 

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