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With the new year, TLLP expanded its stake in the midstream Bakken shale play in North Dakota, closing previously announced acquisitions from Great Northern Midstream LLC, including a 97-mile crude oil pipeline, a 28-mile proprietary gathering system in the Bakken core and a 154,000bpd rail loading and 657,000-bbl storage facility.
According to the terms of the merger agreement, QEPM public unitholders will receive 0.3088 TLLP common units for each QEPM Common Unit held.
"We believe the Bakken is in the nascent stages of development and that TLLP provides one of the most concentrated ways to invest in Bakken development," Colson added.
Additionally, TLLP has agreed to acquire crude oil, natural gas and produced water gathering systems and two natural gas processing facilities from Whiting Oil and Gas Corporation, GBK Investments LLC and WBI Energy Midstream LLC for total consideration of approximately USD700m.
TLLP had previously purchased the general partner of QEPM as well as an approximately 56% limited partner interest in and all of the incentive distribution rights of QEPM in a USD 2.5bn deal on 2 December 2014.
Petroleum company Tesoro (NYSE:TSO) said on Wednesday that its subsidiaries have agreed 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 Tesoro Logistics (TLLP) for a total consideration of USD500m.
Through its subsidiaries, the company operates six refineries in the western US with a combined capacity of over 850,000 barrels per day and ownership in a logistics business which includes an interest in Tesoro Logistics (TLLP) and ownership of its general partner.
Pursuant to the merger agreement, QEPM public unitholders will receive 0.3088 TLLP common units for each QEPM common unit held.
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