Tristan R. Brown
Mon, Jun. 20, 12:30 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.
Sep. 25, 2015, 2:10 PM
Jul. 30, 2015, 11:16 AM
- HollyFrontier (HFC +4.4%) is higher following a Reuters report that Tesoro (TSO -2.5%) approached the company about a potential buyout but talks were not successful.
- The companies held discussions in this year's Q1 but were scuttled after HFC's board balked at TSO's proposed offer, which is not known, and other terms, according to the report.
- TSO is said to remain interested in a deal for HFC, which would provide access to the Rocky Mountain region, where refiners have seen margins rise as they have access to crude that can be difficult to transport to traditional refining centers on the Gulf coast.
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.
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.
Dec. 11, 2012, 5:27 PM
Tesoro Logistics (TLLP) agrees to acquire Chevron's (CVX) Northwest Products pipeline system for $400M. The pipeline receives product from five refineries and one pipeline in the Salt Lake City, Utah, area and is the primary transportation option to several other northwest U.S. areas. System delivery volumes averaged ~84K bbl/day in 2011.| Dec. 11, 2012, 5:27 PM | 2 Comments
Oct. 11, 2012, 3:58 PMIncreasing scrutiny may force Tesoro (TSO -0.2%) to sell its 97K bbl/day Los Angeles-area refinery to overcome any government antitrust opposition to the purchase of BP's 266K bbl/day Carson refinery, Bloomberg reports. If TSO sells the Wilmington plant to keep Carson, it would sacrifice plans to integrate the two refineries and cut costs it outlined when the deal was announced. | Oct. 11, 2012, 3:58 PM
Oct. 10, 2012, 11:41 AM
Tesoro's (TSO -4.9%) proposed acquisition of Arco and its Carson refinery for $2.5B faces increasing opposition, LA Times reports, as activists say the deal would reduce competition and raise prices for motorists. The deal is drawing fire, as California's average gasoline price hits a record $4.671/gal., because it would leave 51% of the state's refining capacity with just TSO and Chevron.| Oct. 10, 2012, 11:41 AM | 1 Comment
Aug. 13, 2012, 7:54 AM
Feb. 16, 2012, 5:56 PM
Carl Icahn says he wants to put CVR Energy’s (CVI) refineries up for sale, and Oppenheimer thinks Marathon Petroleum (MPC) might be the best fit. MPC was sitting on $3B in cash at the end of Q4 and will see its capex fall as it completes large projects later this year. Icahn himself lists MPC along with WNR, HFC, TSO, VLO and COP as potential buyers.| Feb. 16, 2012, 5:56 PM