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Tesoro Logistics LP (TLLP)

  • 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%).
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  • 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.
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  • Aug. 18, 2014, 5:35 PM
    • Tesoro Logistics (NYSE:TLLP) -2.7% AH after announcing a public offering of 2.1M common units.
    • TLLP says it expects to use the proceeds toward redeeming a portion of its 5.875% senior notes due 2020, plus accrued and unpaid interest to the date of redemption.
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  • Nov. 18, 2013, 5:37 PM
    • After-hours Top Gainers, as of 5:15 p.m.: APAM +3%. SMTC +3%. BRCD +3%. RNA +3%. FBHS +3%.
    • After-hours Top Losers, as of 5.15 p.m.: VISN -6%. TLLP -4%. IGV -2%. FU -2%. MWA -2%.
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  • 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.
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  • Oct. 10, 2013, 3:45 PM
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  • Sep. 18, 2013, 2:32 PM
  • 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).
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  • May 17, 2013, 2:21 PM
    Tesoro (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.
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  • Mar. 13, 2013, 12:54 PM
    Credit 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.
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  • Mar. 13, 2013, 10:09 AM
    Tesoro 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.
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  • Jan. 7, 2013, 4:49 PM
    Tesoro Logistics (TLLP) -1.5% AH after announcing a public offering of 8.5M common units, with proceeds from the offering expected to fund a portion of TLLP's previously announced $400M acquisition of Chevron's Northwest Products pipeline system.
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  • Jan. 7, 2013, 2:58 PM
    Tesoro (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.
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  • Oct. 1, 2012, 6:14 PM
    Tesoro Logistics (TLLP) -4.1% AH after announcing a public offering of 3.7M common units representing limited partner interests. TLLP says it expects to use net proceeds for general partnership purposes.
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  • Aug. 13, 2012, 2:17 PM
    Tesoro'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.
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  • Jun. 1, 2011, 3:24 PM
    Citigroup 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.
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Company Description
Tesoro Logistics LP owns, operates, develops and acquires crude oil and refined products logistics assets. The Company's business segments areGathering,Processing, and Terminalling and Transportation.
Industry: Steel & Iron
Country: United States