Tesoro Logistics LPNYSE
Tesoro Logistics: Latest Drop-Down Includes LAX Jet-Fuel Pipeline
Fri, Aug. 26, 1:54 PM
- Sentiment is improving and "recovery emerging” around energy MLPs, Citi's Faisel Khan says, citing Improving commodity prices and tighter credit spreads as the main reasons, as some companies are positioning for volume growth.
- The analyst offers six "value picks": TRGP, OKS, NS, BWP, TLLP and CQP.
- Khan's "key thematic picks" are Energy Products Partners (NYSE:EPD), as a play on growth in natural gas liquids, Plains All American Pipeline (NYSE:PAA) and Plains GP Holdings (NYSE:PAGP) on growth in the Permian basin, and EnLink Midstream (NYSE:ENLC), as a play on Oklahoma expansion.
Tue, Aug. 23, 3:38 PM
- Tesoro (TSO +1.2%) and Tesoro Logistics (TLLP +0.8%) are initiated at Jefferies with respective Buy and Hold ratings and target prices of $101 and $49.
- Jefferies cites TSO's premier set of western U.S. energy assets, $500M-$800M of identified EBITDA suitable for potential drop-down into TLLP, dividend and distribution growth potential, and asset diversity which offers cash flow support amid commodity price volatility.
- However, the firm thinks TSO support may be needed for TLLP to achieve its stated year-end 2017 EBITDA target and sees upside capped without it.
Wed, Aug. 3, 5:58 PM
Tue, Aug. 2, 5:35 PM
- AEL, AGO, AGU, ALB, ALIM, ALL, ANDE, AREX, ATO, AWK, AWR, BBRG, BFAM, BGC, BIO, BKH, BNFT, BREW, BYD, CABO, CBPX, CCRN, CDI, CECO, CF, CHDN, CIM, CLR, CNAT, CODI, CPA, CSGS, CSII, CTL, CXW, DENN, DEPO, DK, DKL, DPM, ECR, EPE, EPR, EQIX, ERII, ETE, ETP, EVC, EVHC, EXAR, EXEL, EXTR, FIVN, FOXA, FRGI, FRSH, FSLR, G, GBDC, GDDY, GERN, GPOR, HABT, HASI, HI, HIL, HIVE, HLF, HOS, HR, HRTG, HUBS, IAG, IL, INOV, IO, IRG, ITRI, JACK, JCOM, JONE, JRVR, LGCY, LHCG, LNC, LPI, MASI, MC, MED, MET, MNR, MRO, MTDR, MUSA, MWA, NBIX, NKTR, NLY, NNBR, NP, NSIT, NSTG, OAS, OME, OSUR, PDM, PE, PEGA, PMT, PODD, PRA, PRU, PRXL, QLYS, QTWO, QUIK, REXR, RICE, RIG, RIGP, RLJ, RMP, RNG, RP, RST, RYN, SBY, SEMI, SGMO, SNCR, SQ, SQNM, SRC, SSS, STAA, STR, SUN, SWM, SXL, TCAP, TDOC, TEAR, TEP, TLLP, TRIP, TRNC, TROX, TS, TSLA, TSLX, TSO, TTEC, TWO, UHAL, VTAE, VVC, WCN, WGL, WMC, WPG, WPX, WU, XEC, XPO
Mon, Jun. 6, 4:36 PM
- Tesoro Logistics (NYSE:TLLP) announces a public offering of 4.25M common units, with an underwriters option to purchase up to an additional 637.5K units.
- TLLP says it plans to use the proceeds for general partnership purposes, which may include future acquisitions, capital expenditures and additions to working capital.
Wed, May 4, 6:16 PM
- Tesoro Logistics (NYSE:TLLP): Q1 EPS of $1.19 beats by $0.53.
- Revenue of $300M (+14.1% Y/Y) beats by $3.68M.
Tue, May 3, 5:35 PM
- AGO, ALDW, ALIM, ALJ, ALL, ANDE, ARCW, AREX, ARRS, ATO, AUY, AWK, AWR, BNFT, BREW, BRKR, CB, CBPO, CCRN, CDI, CECO, CENT, CF, CLR, CODI, CONE, CPE, CPSI, CSII, CSOD, CTL, CTLT, CUZ, CW, CWST, CXO, CXW, DAC, DOX, DPM, DVA, ECR, EPM, EQC, EQIX, ES, ETE, ETP, EXEL, FEIC, FICO, FIT, FLT, FLTX, FNV, FOXA, FRPT, FRSH, FRT, GDDY, GDOT, GHDX, GIL, GPOR, GTY, HABT, HASI, HDP, HIL, HIVE, HOS, HR, HRTG, HUBS, IAC, INFI, IO, IRG, JONE, KHC, KND, KONA, KTOS, KW, LGCY, LHCG, LNC, LNT, LPI, LPSN, LXU, MAA, MASI, MATX, MCHP, MCK, MED, MET, MHLD, MNR, MRO, MTRX, MTW, MUR, NCMI, NLY, NVAX, OHI, OME, ORA, OREX, OSUR, PAA, PAGP, PDLI, PE, PEIX, PHH, PNNT, PRI, PRU, QRVO, QUIK, RICE, RIG, RLJ, RLYP, RP, RRTS, RST, RYN, SBY, SKUL, SQNM, SRC, SUN, SWM, SXL, SZYM, TASR, TCAP, TEAR, THG, TLLP, TPC, TPUB, TRIP, TROX, TSLA, TSLX, TSO, TWO, VECO, VNDA, VRNS, WBMD, WFM, WFT, WGL, WMB, WMGI, WPG, WPX, WTI, WTS, WTW, XEC, XOXO, YUME, ZNGA
Fri, Apr. 1, 5:39 PM
Tue, Mar. 8, 5:17 PM
- A U.S. bankruptcy judge says Sabine Oil & Gas (OTCPK:SOGCQ) can reject contracts with midstream companies it made before oil and gas prices plunged.
- But the judge says her ruling is not binding, potentially setting the stage for another legal battle over the pipeline operators' argument that the agreements cannot be broken because they are inextricably tied to the land on which Sabine operates.
- The ruling covers agreements with two companies, including an affiliate of Cheniere Energy (NYSEMKT:LNG), that gather natural gas for Sabine in specific geographic locations; Sabine has said that rejecting the contracts could save as much as $115M for the bankruptcy estate.
- Restructuring and energy experts have warned that a loss for Sabine's pipeline operators could inspire other bankrupt oil and gas producers to seek similar relief, spreading the distress that has plagued them to the midstream companies that process and transport oil and natural gas.
- Similar requests are pending in the chapter 11 cases of companies including Quicksilver Resources (OTCPK:KWKAQ) and Magnum Hunter Resources (OTCPK:MHRCQ); a Delaware judge is expected to rule on KWK's request by the end of the month.
- Pipeline stocks include: KMI, ENB, EEP, SE, SEP, WMB, ETE, ETP, OKS, PAA, PBA, MMP, CQP, BWP, BPL, WES, SXL, NS, NSH, TCP, NGL, DPM, GEL, HEP, APL, SEMG, TLLP, MMLP, TLP, SGU, BKEP
Sun, Jan. 31, 5:35 PM
Thu, Jan. 21, 1:04 PM
Nov. 10, 2015, 5:10 PM
- Tesoro Logistics (NYSE:TLLP) agrees to acquire storage and pipeline assets in Los Angeles owned by subsidiaries of refiner Tesoro (NYSE:TSO) for $500M.
- The assets include 97 crude oil, feedstock and refined product storage tanks with combined capacity of 6.6M barrels, and a 50% interest in Line 88, a 16-mile pipeline that transports jet fuel from TSO's Los Angeles refinery to the Los Angeles International Airport with average throughput of 25K bbl/day.
- TLLP says the $500M price includes $250M in cash and the issuance of $250M in common and general partner units to TSO, and expects the deal to be immediately accretive to unitholder distributions.
Oct. 28, 2015, 6:43 PM
- Tesoro Logistics (NYSE:TLLP): Q3 EPS of $0.62 misses by $0.07.
- Revenue of $282M (+87.6% Y/Y) beats by $12.59M.
Oct. 27, 2015, 5:35 PM
- ABX, ACGL, AEM, AF, AFFX, AFOP, AMGN, ANIK, AR, ARII, ARRS, ASGN, ATML, BANC, BLKB, BWLD, CACI, CAVM, CBL, CGI, CHDN, CLI, CMO, CMPR, CNL, CNO, CNW, CRUS, CSGP, CW, CWT, DRE, DYAX, ECHO, ELLI, EPR, EQIX, EQY, ESIO, ESRT, ESV, EXR, FFIV, FMC, FORM, FORR, FR, GPRO, HBI, HLS, HOS, HT, HUBG, HY, INT, INVN, ISIL, KEX, KRA, KS, LNC, LOCK, LOPE, MAA, MANT, MAR, MC, MEOH, MMLP, MTGE, MTW, MUR, NE, NEM, NGD, NSIT, NTRI, NVDQ, NXPI, O, OCN, OGS, OII, ORLY, OTEX, PLXS, PPC, PRXL, PSA, PTC, QDEL, QEP, QGEN, QUIK, REG, ROG, ROVI, RRC, SCI, SGI, SGMO, SIMO, SPN, SPRT, SPWR, SSS, STAA, SU, TAL, THG, THRX, TILE, TLLP, TSO, TTMI, UNM, VAR, VECO, VRTX, WDC, WES, WGP, WLL, WMB, WSTL, WTS, YELP
Oct. 22, 2015, 3:58 PM
- Tesoro Logistics (TLLP -2.4%) is initiated with an Accumulate rating and $66 price target at Seaport Global, but units are lower along with most other MLPs today.
- With more than 50% of revenues tied to the refining operations of Tesoro (TSO +1.2%), the firm views TLLP's midstream cash flows as primarily driven by refining demand-pull.
- Seaport says increasing hydrocarbon consumption in PADD V, where the supply of gasoline, jet fuel and distillates was up 3.3% Y/Y in Q3, provides a favorable backdrop for TLLP, further complemented by little direct exposure to commodity prices, while ~70% revenues are covered through MVCs or acreage dedications.
Aug. 5, 2015, 5:07 PM
- Tesoro Logistics (NYSE:TLLP): Q2 EPS of $0.60 misses by $0.09.
- Revenue of $275M (+106.8% Y/Y) beats by $20.96M.