Tesoro Logistics LP was formed by Tesoro to own, operate, develop and acquire crude oil and refined products logistics assets. It is organized into the following two segments: Crude Oil Gathering segment & Terminalling, Transportation and Storage segment.
Tuesday, Jan 76:58 PM
Tuesday, Jan 76:58 PM| 10 Comments
- Emerging Wall Street consensus is that the MLP sector may have seen its best days, and the MLP analyst team at Merrill Lynch cautions in a new report that volatility may lurk in the sector.
- While Merrill believes the triple threat of increasing interest rates, volatile commodity pricing and overall MLP equity supply may combine to produce a choppy year, the firm upgrades three top names to buy to add to four top picks for 2014.
- The top four: Energy Transfer Partners (ETP), whose distributable cash flow as of Sept. 30 totaled $2.3B vs. $1.3B a year earlier; MarkWest Energy (MWE), who will be able to process 3.7B cf/day in the Marcellus shale within a few years; Plains All American (PAA), a top name to buy at most Wall Street firms; and Western Refining Logistics (WNRL), which has not yet paid a distribution.
- Upgraded to Buy: Global Partners (GLP), Martin Midstream Partners (MMLP), Tesoro Logistics (TLLP).
- ETFs: AMJ, AMLP, MLPG, MLPI, MLPN, MLPY, MLPL, MLPW, MLPS, YMLP, MLPA, EMLP, AMU, IMLP, MLPJ, ATMP, YMLI.
Monday, Nov 182013, 5:37 PM
Monday, Nov 182013, 4:35 PM
Monday, Nov 182013, 4:35 PM| Comment!
- Tesoro Logisitcs (TLLP) agrees to acquire Tesoro's (TSO) Los Angeles Logistics Assets, consisting of two marine terminals, a marine storage terminal, a products terminal, a petroleum coke handling and storage facility, more than 100 miles of active crude oil and refined products pipelines, and other related properties, for $650M.
- To pay for the deal, TLLP announces a public offering of 6.3M common units.
- Shares -3.6% AH.
Friday, Nov 152013, 11:24 AM
Friday, Nov 152013, 11:24 AM| Comment!
- Barron's is bullish on refiners HollyFrontier (HFC -0.2%) and Tesoro (TSO -0.3%), each of which has operations near the heart of the shale oil boom that should benefit from shifting oil price dynamics.
- HFC will continue to see cost benefits from its proximity to plentiful shale oil, which can be even cheaper than WTI, and is investing to improve the efficiency of its refineries which should give it an edge over competitors as delivery bottlenecks from booming oilfields are resolved with new pipelines.
- Like HFC, TSO has refineries with geographic advantages, which Credit Suisse says are among the best-positioned in U.S. refining; also, TSO's valuation may not reflect the benefits that will result as it moves pipeline, storage and other assets into its Tesoro Logistics (TLLP) MLP.
Friday, Nov 82013, 4:51 PM|Friday, Nov 82013, 4:51 PM| Comment!
Friday, Nov 12013, 8:07 AM
Friday, Nov 12013, 8:07 AM| Comment!
- Tesoro (TSO; TLLP) accepts a federal order requiring upgrades on its 200-mile High Plains oil pipeline system spanning North Dakota and Montana, clearing it to restart a section shut since a 20K-barrel spill discovered Sept. 29.
- A preliminary Department of Transportation analysis indicates that “a strong electrical discharge” such as lightning caused the pipe failure.
Tuesday, Oct 152013, 2:13 PM
Tuesday, Oct 152013, 2:13 PM| Comment!
- Tesoro Logistics (TLLP; TSO) says it will repair and replace a 200-ft. section of the North Dakota pipeline that leaked ~20K barrels of Bakken oil onto a farm, and is developing a plan to reroute the pipeline.
- TLLP is declining to give any details of the plan, which will be shared with federal authorities; it is not commenting on the cause of the leak, and has not provided a date for the possible restart of the line.
Friday, Oct 112013, 5:48 PM
Friday, Oct 112013, 5:48 PM| Comment!
- Corrosion may have led to the leak of 20K barrels of oil from a Tesoro Logistics (TLLP, TSO) pipeline in North Dakota, according to an initial investigation.
- The 20-year-old pipeline was carrying crude oil from the Bakken shale to the Stampede rail facility outside Columbus, N.D.; the spill was largely contained and clean-up efforts were estimated at ~$4M.
- The incident is raising questions about North Dakota's ability to handle its energy boom after it was not reported to the public for 12 days; the governor, who says he wasn’t even told about the spill until two days ago, says the state is now investigating its procedures for reporting spills.
Thursday, Oct 102013, 3:45 PM
Thursday, Oct 102013, 3:45 PM| Comment!
- A Tesoro Logistics (TLLP -1.5%) crude pipeline spilled ~20K barrels of oil in a rural field in North Dakota, in what appears to be the largest spill in the Bakken shale formation to date.
- The spill has been contained and has caused no injuries or known effects on water or wildlife, TLLP says; the company estimates clean-up will cost ~$4M but doesn't know how long it will take to make repairs.
Wednesday, Sep 182013, 2:32 PM
Wednesday, Sep 182013, 2:32 PM| 8 Comments
- Energy MLPs are spiking higher after the Fed decides not to taper, ensuring a longer period of lower-cost capital: KMP +2.9%, KMI +4.1%, ETP +2.1%, WPZ +1.2%, WMB +1.1%, EPD +1.9%, PAA +1.2%, EEP +1.3%, MWE +3.1%, MMP +2.4%, ACMP +2.9%, APL +1.8%, DPM +2.4%, SXL +1.5%, BPL +1.1%, PBA +2.3%, TLLP +1.7%.
- Relevant ETFs: AMJ, AMLP, MLPG, MLPI, MLPN, MLPY, MLPL, MLPW, MLPS, YMLP, MLPA, EMLP, AMU, IMLP, MLPJ, ATMP, YMLI.
Wednesday, Sep 42013, 10:48 AM
Wednesday, Sep 42013, 10:48 AM| Comment!
- Oppenheimer restarts coverage of energy MLPs, bullish on the asset class as a whole; the firm shows a bias in favor of investing in higher distribution growth, even if the yields are lower, and for owning general partners due to their incentive distribution rights structure.
- Started at Outperform: EQT Midstream (EQM +2.1%), Seadrill Partners (SDLP +0.7%), Tesoro Logistics (TLLP +1.6%), Memorial Production Partners (MEMP +2.4%), Western Gas Partners (WES +0.4%), Western Gas Equity Partners (WGP +0.7%).
- Started at Market Perform: Williams Partners (WPZ), Crosstex Energy (XTEX), ONEOK Partners (OKS), Genesis Energy (GEL).
- Also: New Source Energy (NSLP), Breitbrun Energy Partners (BBEP), LRR Energy (LRE), Mid-Con Energy Partners (MCEP).
Monday, Aug 52013, 4:48 PM
Monday, Jun 172013, 3:50 PMTesoro Logistics (TLLP +1.1%) agrees to sell its light petroleum products terminal in Idaho to settle the FTC's conditions for acquiring Chevron's (CVX) Northwest Products pipeline and terminal assets. The FTC had said the acquisition would give TLLP ownership of two of the three full service light petroleum terminals in Boise, significantly reducing competition for local terminal services. Tesoro (TSO) also +1.1%. |Monday, Jun 172013, 3:50 PM| Comment!
Monday, May 202013, 4:54 PMTesoro Logistics (TLLP) says it will buy Chevron’s (CVX) 760-mile Northwest Products pipeline system for $355M, less than the $400M previously expected, citing a March diesel fuel spill involving the system. CVX will retain liabilities and responsibility for the cleanup of the site near Willard, Utah, for two years. |Monday, May 202013, 4:54 PM| 1 Comment
Friday, May 172013, 2:21 PMTesoro (TSO +5.3%) says the FTC approved its purchase of BP's 240K bbl/day Carson, Calif., refinery and other assets. The commission found the deal would not substantially lessen competition among seven refiners for gasoline in California, the largest U.S. gasoline market. Tesoro Logistics (TLLP +3.5%) will acquire the first portion of Carson logistics assets from TSO for $640M. |Friday, May 172013, 2:21 PM| Comment!
Monday, May 62013, 5:41 PM
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