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- Tesoro Logistics has announced it will buy QEP Resources' midstream assets for $2.5 billion.
- The MLP will tap the debt and equity markets to fund the transaction.
- Current unitholders will get a 45% haircut to achieve sub-30% growth in DCF and adjusted EBITDA.
- Despite being down 10% this morning, this deal is not a compelling reason to invest in TLLP.
- Investors might be better served by looking at QEP Resources: QEP has a $4.4 mkt cap and will receive $2.5 billion in cold hard cash.
Another Fast Growing Energy MLP For Income Investors
Tesoro's Pacific Problem - And How To Profit From It
Fri, Dec. 12, 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.
Wed, Dec. 10, 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%).
Wed, Dec. 3, 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.
Fri, Oct. 31, 12:39 AM| Comment!
Mon, Oct. 20, 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.
Mon, Aug. 18, 5:35 PM| Comment!
Wed, Jul. 30, 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.
Mon, Jun. 23, 5:58 PM
- Tesoro Logistics (TLLP) agrees to acquire three marketing terminals, a storage facility and a refined products pipeline from Tesoro (TSO) for $270M.
- The three refined products terminals are adjacent to TSO's refineries at Martinez, Calif., Anacortes, Wash., and Kenai, Alaska, with expected total throughput of 35K-45K bbl/day; the marine crude oil and heavy products storage facility has a capacity of 1.5M barrels and is located adjacent to TSO's Anacortes refinery.
- TLLP expects the deal to add $28M to annual EBITDA.
Tue, Jan. 7, 6:58 PM
- 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: GLP, MMLP, TLLP.
- ETFs: AMJ, AMLP, MLPG, MLPI, MLPN, MLPY, MLPL, MLPW, MLPS, YMLP, MLPA, EMLP, AMU, IMLP, MLPJ, ATMP, YMLI.
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.
Nov. 15, 2013, 11:24 AM
- 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.
Nov. 8, 2013, 4:51 PM| Comment!
Nov. 1, 2013, 8:07 AM
- 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.
Oct. 15, 2013, 2:13 PM
- 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.
Oct. 11, 2013, 5:48 PM
- 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.
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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