Tesoro Closes Acquisition of Marketing and Logistics Assets in Alaska
June 20 2016 - 7:00PM
SAN ANTONIO, Texas, June 20, 2016
- Tesoro Corporation (NYSE: TSO), through its affiliates Tesoro
Alaska Company LLC and Tesoro Alaska Terminals LLC, has closed the
previously announced acquisition of Flint Hills Resources' (FHR)
wholesale marketing and logistics assets in Anchorage and
Fairbanks, Alaska.
Consistent with the details of the transaction
announced late in 2015, the acquisition includes:
- all FHR wholesale fuel marketing contracts in
Alaska;
- an Anchorage terminal with 580,000 barrels of
total in-service storage capacity, a truck rack, and rail loading
capability;
- a Fairbanks airport terminal that includes 22,500
barrels of in-service jet fuel storage and truck rack; and
- a multi-year terminalling agreement at FHR's
North Pole terminal, which will provide efficient rail offload
capabilities and provide Tesoro access to Alaska's Interior.
The former FHR North Pole refinery is not part of
this acquisition.
"This acquisition enhances our
capabilities to efficiently and reliably serve our customers in the
state of Alaska," said Greg Goff, Chairman, President and Chief
Executive Officer of Tesoro Corporation.
The rail loading capabilities
gained through this acquisition improves Tesoro's ability to serve
customers in the Alaska interior from Anchorage. Tesoro plans to
offer these assets to the master limited partnership, Tesoro
Logistics LP, in the near future.
Tesoro has agreed with the State of Alaska
Attorney General to offer for divestment approximately 25 percent
of its existing Tesoro Logistics Anchorage product terminal
capacity (approximately 830,000 barrels in total), in order to
complete the current FHR acquisition in a timely manner.
About
Tesoro
Tesoro Corporation, a Fortune 100 company, is an
independent refiner and marketer of petroleum products. Tesoro,
through its subsidiaries, operates six refineries in the western
United States with a combined capacity of over 875,000 barrels per
day and ownership in a logistics business, which includes a 36%
interest in Tesoro Logistics LP (NYSE: TLLP) and ownership of its
general partner. Tesoro's retail-marketing system includes over
2,400 retail stations under the ARCO®, Shell®, Exxon®, Mobil®, USA
Gasoline(TM), Rebel(TM) and Tesoro® brands.
This press
release contains certain statements that are "forward-looking"
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934. You
can identify forward-looking statements by the use of words such as
"may," "should," "could," "estimates," "predicts," "potential,"
"continue," "anticipates," "believes," "'plans," "expects,"
"future" and "intends" and similar expressions which are intended
to identify forward-looking statements. These forward-looking
statements include statements concerning enhancements to our
ability to serve customers in Alaska, including its interior, as
well as plans to offer the assets to Tesoro's master limited
partnership in the near future. For more information concerning
factors that could affect these statements see our annual report on
Form 10-K and quarterly reports on Form 10-Q, filed with the
Securities and Exchange Commission (the "SEC"). We undertake no
obligation to publicly release the result of any revisions to any
such forward-looking statements that may be made to reflect events
or circumstances that occur, or which we become aware of, after the
date hereof.
TESORO CONTACTS:
Investors:
Sam Ramraj, Vice President, Investor Relations,
(210) 626-4757
Media:
Tesoro Media Relations, media@tsocorp.com, (210)
626-7702
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Tesoro Corporation via Globenewswire
HUG#2021956
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