Tesoro Corporation Sells Los Angeles Storage and Pipeline Assets to Tesoro Logistics
November 12 2015 - 4:32PM
SAN ANTONIO -
November 12, 2015 - Tesoro Corporation (NYSE:TSO, Tesoro) and
Tesoro Logistics LP (NYSE:TLLP) today announced that subsidiaries
of Tesoro have closed the sale of crude oil and refined product
storage and pipeline assets in Los Angeles, California (the "Los
Angeles Refinery Storage and Handling Assets") to TLLP for a total
consideration of $500 million. TLLP acquired 97 crude oil,
feedstock and refined product storage tanks with combined capacity
of 6.6 million barrels and a 50% interest in a 16-mile pipeline
that transports jet fuel from Tesoro's Los Angeles Refinery to the
Los Angeles International Airport.
The acquisition price of $500
million included cash of approximately $250 million and the
issuance of common and general partner units to Tesoro, valued at
approximately $250 million. The cash consideration was borrowed
under a new term loan agreement. The equity consideration was based
on the average daily closing price of TLLP's common units for the
10 trading days prior to closing, or $55.158 per unit, with
4,263,367 units in the form of common units and 269,067 units in
the form of general partner units.
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
850,000 barrels per day and ownership in a logistics business which
includes an interest in Tesoro Logistics LP (NYSE: TLLP) and
ownership of its general partner. Tesoro's retail-marketing system
includes over 2,200 retail stations under the ARCO®, Shell®,
Exxon®, Mobil®, USA Gasoline(TM) and Tesoro® brands.
Contact:
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
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