Tesoro Corporation Sells Remaining Alaska Storage and Terminalling Assets to Tesoro Logistics
September 16 2016 - 8:47AM
SAN ANTONIO -
September 16, 2016 - Tesoro Corporation (NYSE:TSO) and Tesoro
Logistics LP (NYSE:TLLP) today announced that TLLP has closed the
remaining portion of the acquisition of storage and terminalling
assets in Alaska owned by subsidiaries of Tesoro. TLLP acquired the
refined products terminals in Anchorage and Fairbanks, Alaska, for
total consideration of $178 million, including $160 million of cash
financed with borrowings on TLLP's revolving credit facility and
$18 million of common and general partner units to Tesoro. The
equity consideration was based on the average daily closing price
of TLLP's common units for the 10 trading days prior to closing, or
$47.05 per unit, with 358,712 units in the form of common units and
20,440 units in the form of general partner units.
"The acquired terminals build upon
TLLP's logistics capabilities in the region and enable TLLP to
provide a first class, full-service solution for customers in
Alaska," said Greg Goff, Chairman and CEO.
Combined with the crude oil and
refined product storage portion of the transaction which closed on
July 1, 2016, the total acquisition price was $444 million, which
includes cash of $400 million and the issuance of common and
general partner units to Tesoro, valued at approximately $44
million.
About Tesoro
Corporation
Tesoro Corporation, a Fortune 100
company, is an independent refiner and marketer of petroleum
products. Tesoro, through its subsidiaries, operates seven
refineries in the western United States with a combined capacity of
over 895,000 barrels per day and ownership in a logistics business,
which includes an interest in Tesoro Logistics LP (NYSE: TLLP) and
ownership of its general partner. Tesoro's retail-marketing system
includes over 2,400 retail stations under the ARCO®, Shell®,
Exxon®, Mobil®, USA Gasoline(TM), Rebel(TM) and
Tesoro® brands.
This press
release contains certain statements that are "forward-looking"
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
These statements relate to, among other things: the expectation
that the acquired terminals will enable TLLP to provide a first
class, full-service solution for our customers in Alaska. For more
information concerning factors that could affect these statements,
see the respective annual reports on Form 10-K, quarterly reports
on Form 10-Q and current reports on Form 8-K for Tesoro Corporation
and Tesoro Logistics LP, filed with the Securities and Exchange
Commission. We undertake no obligation to publicly release the
result of any revisions to any such forward-looking statements that
may be made to reflect events or circumstances that occur, or which
we become aware of, after the date hereof.
Contact:
Investors:
Sam Ramraj, Vice President, Investor Relations,
(210) 626-4757
Media:
Tesoro Media Relations, media@tsocorp.com, (210)
626-7702
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Tesoro Corporation via Globenewswire
Andeavor (NYSE:ANDV)
Historical Stock Chart
From Aug 2024 to Sep 2024
Andeavor (NYSE:ANDV)
Historical Stock Chart
From Sep 2023 to Sep 2024