SemGroup Completes Sale of U.K. Petroleum Storage Business
April 12 2018 - 4:15PM
SemGroup® Corporation (NYSE:SEMG) today announced that it has
completed the sale of its SemLogistics business unit to Valero
Logistics UK Ltd, a subsidiary of Valero Energy Corporation. In
addition to the sale price, the agreement provides for potential
earnout payments to be made to SemGroup if certain
revenue targets are met in the four years following close of the
transaction. SemGroup intends to use proceeds from the
sale toward its capital raise plan and to pre-fund capital growth
projects.
“The sale of our United Kingdom petroleum storage facility is an
important achievement in our strategy to simplify our portfolio and
focus on the North American growth areas we have identified along
the Gulf Coast, Mid-Continent and Canada,” said
SemGroup President and Chief Executive Officer Carlin
Conner. “I appreciate the team at Milford Haven for their
dedication to safely and efficiently operating the facility. We
will miss our colleagues but are pleased that the facility will now
be owned by Valero, which will continue to operate it as a
third-party terminal.”
About SemGroup Based in Tulsa, Okla., SemGroup®
Corporation (NYSE:SEMG) is a publicly traded midstream service
company providing the energy industry the means to move products
from the wellhead to the wholesale marketplace. SemGroup provides
diversified services for end-users and consumers of crude oil,
natural gas, natural gas liquids, refined products, residual fuel
oil and asphalt. Services include purchasing, selling, processing,
transporting, terminalling and storing energy.
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.
Forward-Looking StatementsCertain 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. We make 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 we believe 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 our 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.
Investor Relations:Alisa
Perkins918-524-8081investor.relations@semgroupcorp.com
Media:Tom Droege918-524-8560tdroege@semgroupcorp.com
SemGroup (NYSE:SEMG)
Historical Stock Chart
From Mar 2024 to Apr 2024
SemGroup (NYSE:SEMG)
Historical Stock Chart
From Apr 2023 to Apr 2024