Atlas Pipeline Partners, L.P. Announces Agreement to Partner with an Affiliate of Chevron Corporation in Purchase of 20% Interest in NGL Pipeline

PHILADELPHIA--(BUSINESS WIRE)--Atlas Pipeline Partners, L.P. (NYSE: APL) (“APL”, “Atlas Pipeline”, or the “Partnership”) announced today that it has signed an agreement to partner with Chevron Pipeline Company, an affiliate of Chevron Corporation (“Chevron”) (NYSE: CVX) through a purchase of a 20 percent interest in West Texas LPG Pipeline Limited Partnership (“WTLPG”) from Buckeye Partners, L.P. for $85 million. WTLPG owns a 2,295-mile common-carrier pipeline system that transports Natural Gas Liquids (“NGLs”) from New Mexico and Texas to Mont Belvieu for fractionation. Chevron Pipeline Company, which owns the remaining 80 percent interest, is the operator of WTLPG. The transaction is expected to close in the second quarter of 2011, subject to customary closing conditions.