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Mon, Aug. 18, 5:35 PM| Comment!
Nov. 18, 2013, 5:37 PM
Nov. 18, 2013, 4:35 PM
- 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.
Oct. 10, 2013, 3:45 PM
- 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.
Sep. 18, 2013, 2:32 PM
- 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.
Sep. 4, 2013, 10:48 AM
- 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).
May. 17, 2013, 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. | Comment!
Mar. 13, 2013, 12:54 PMCredit Suisse grows more selective on MLPs, citing four whose valuations it thinks have grown excessive. El Paso Pipeline (EPB -1.9%) is cut to Neutral, as the firm sees decelerating distribution growth as drop-downs associated with the acquisition of El Paso Corp. by Kinder Morgan are absorbed. TLLP and EQM also are lowered, but CVR Refining (CVRR +1.9%) is raised to Outperform. | Comment!
Mar. 13, 2013, 10:09 AMTesoro Logistics (TLLP -4.8%) is downgraded to Neutral at both BAML and Credit Suisse on valuation. "With a current yield of 3.1% vs. an average MLP sector yield of 6% and Tuesday's relative performance due to the addition of TLLP to the Alerian MLP Index, we now see TLLP as fairly valued," BAML writes. | Comment!
Jan. 7, 2013, 4:49 PM
Jan. 7, 2013, 2:58 PMTesoro (TSO -5.3%) amends a credit pact to allow for as much as $4B in borrowings under a revolver that has a current capacity of $1.85B. Its Tesoro Logistics (TLLP -2.2%) subsidiary also boosts a credit line to $500M from $300M, with the ability to increase borrowings to $650M. Howard Weil cuts TSO shares, along with Phillips 66 (PSX -3.2%), Valero (VLO -2.9%) and other refiners. | Comment!
Oct. 1, 2012, 6:14 PM
Aug. 13, 2012, 2:17 PMTesoro's (TSO +9.2%) $2.5B purchase of BP's California refinery looks cheap: at ~15% of its replacement value vs. the industry norm of 25%-30% after factoring in plans to sell certain assets in the deal to its MLP (TLLP), a consultant tells Bloomberg. Analysts say refiners like TSO have more upside given the discount available to buyers of U.S. crude, which still trades well below Brent crude. | Comment!
Jun. 1, 2011, 3:24 PMCitigroup joins the buying bandwagon for Tesoro Logistics (TLLP +2.1%); the stock has gained nearly 10% over the last three sessions as a host of brokers initiate similar coverage (I, II, III). As the storage and pipeline provider to Tesoro, and the MLP projecting a current yield of 5.5%, it's not difficult to see why. | 1 Comment
Apr. 20, 2011, 9:55 AM
TLLP vs. ETF Alternatives
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.
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