Tue, Nov. 10, 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.
Wed, Oct. 28, 6:43 PM
Tue, Oct. 27, 5:35 PM
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Thu, Oct. 22, 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.
Wed, Aug. 5, 5:07 PM
Thu, May 28, 6:19 PM
- Morgan Stanley’s MLP analysts initiate coverage of eight major dropdown MLPs, citing attractive attributes such as high-quality asset bases, magnitude and sustainability of growth, and strong and supportive sponsorship.
- Lead analyst Brian Lasky's top pick in the group is Dominion Midstream Partners (NYSE:DM), which he says warrants a premium valuation to midstream industry and sponsor-backed dropdown peers based on its top-tier distribution growth rate, strong sponsor commitment, depth of inventory, and - most important - strategic asset positioning, with an ability to replenish its inventory.
- Lasky says these MLPs and their sponsors also have surprised to the upside, positioning the companies for attractive growth and visibility: AM, CNNX, CPPL, EQM, SUN, TLLP, VLP.
Thu, May 7, 6:24 PM
Mon, Apr. 6, 5:15 PM
- Tesoro Logistics (NYSE:TLLP) agrees to acquire the 44% of QEP Midstream Partners (NYSE:QEPM) it does not already own, in a unit-for-unit exchange that values QEPM at $17.09/unit, an 8.6% premium to today's QEPM closing price of $15.74.
- TLLP already owned a 55.8% interest in QEPM, consisting of ~3.7M common units and ~26.7M subordinated units, and 100% of the limited liability company interests of QEPM GP, which itself holds a 2% general partner interest and 100% of the incentive distribution rights in QEPM.
Wed, Feb. 11, 5:17 PM
Dec. 12, 2014, 4:38 PM
- QEP Midstream Partners (NYSE:QEPM) spiked higher into the close after a 13D filing disclosed that Tesoro (NYSE:TSO) had acquired a 56.9% active stake in the company.
- In the filing, Tesoro Logistics (NYSE:TLLP) proposes acquiring all outstanding units of QEPM not owned by QEPM or by QEP Field Services.
Dec. 10, 2014, 2:49 PM
- Tesoro (TSO -3.5%) moves lower along with nearly all energy names, despite receiving analyst praise following its update of growth strategies including expectations for 2015 annual improvements of $550M-$670M.
- Barclays analysts say TSO is on track to exceed original 2014 improvement targets, reiterating its Overweight rating and raising its price target to $114 from $104.
- Credit Suisse reiterates an Outperform rating and lifts its price target to $100 from $86, saying that "self-help" is driving upside.
- BofA calls TSO a Buy and raises its price target to $88 from $70, noting that TSO's review combined for the first time the strategy update from Tesoro Logistics (TLLP -6.2%).
Dec. 3, 2014, 10:48 AM
- QEP Resources (QEP +4.3%) moves sharply higher after saying it completed the $2.5B sale of its natural gas gathering and processing business, including 2K miles of pipelines and four processing complexes, to Tesoro Logistics (TLLP +3.8%).
- QEP says it has now repaid a $600M term loan and all of its debt under its revolving credit line, and has expanded its credit line to $1.8B.
- Adding $2.5B to the balance sheet could allow QEP to boost dividends five-fold and still maintain enough cash to make both acquisitions and capex as needed to maintain market share, 24/7's Paul Ausick writes.
Oct. 31, 2014, 12:39 AM
Oct. 20, 2014, 7:39 AM
- Tesoro Logistics (TLLP, TSO) agrees to acquire the natural gas pipeline and processing business owned by QEP Resources (NYSE:QEP) in a $2.5B deal.
- TLLP says the deal will expand its scope to include natural gas in addition to oil, as QEP owns gas processing plants and oil and gas pipelines in Wyoming, Colorado, Utah and North Dakota.
- To help pay for the deal, plans a public offering of 19.35M common units.
- QEP says selling the midstream business would improve its financial position and help it pay down debt, as well as improve its competitive position through increased capital investment in its E&P assets.
- Williams Cos. (NYSE:WMB) and Questar (NYSE:STR) reportedly had submitted bids for the assets.
Aug. 18, 2014, 5:35 PM
Jul. 30, 2014, 6:55 PM
- Tesoro's (NYSE:TSO) Q2 earnings missed Wall Street expectations but a 2013 expansion of California operations and improved synergies helped produce a 9% Y/Y increase in earnings from continuing operations.
- Q2 revenues rose 25% Y/Y to $11.1B, well above consensus, but cost of sales widened to $9.87B from $7.91B.
- Estimates FY 2014 capital spending, excluding Tesoro Logisitcs (NYSE:TLLP), of $625M, a 7% reduction from prior guidance; TLLP capex is now seen at ~$200M, up 25% reflecting expected spending related to the construction of the Connolly Gathering System and the Anacortes truck rack.
- Gross refining margin fell to $13.35/bbl from $14.75 during the prior-year period.
- Hikes its quarterly dividend to $0.30 from $0.25 and announces a $1B stock repurchase program.
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