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.
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.
Greg Goff, Chairman and Chief Executive Officer of TLLP
's general partner said, "The acquired terminals build upon TLLP
's logistics capabilities in the region and enable us to provide a first class, full-service solution for our customers in Alaska.
is a fee-based, growth-oriented master limited partnership formed by Tesoro Corporation to own, operate, develop and acquire logistics assets and is a leading full-service logistics company operating primarily in the western and mid-continent regions of the United States.
Tesoro in 2016 intends to offer some of the assets to its master limited partnership, providing ratable pipeline volumes to TLLP
Tesoro and TLLP
anticipate entering into a 10-year storage capacity commitment deal needing Tesoro to pay a monthly fee to reserve the existing shell capacity of the dedicated storage tanks.
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.