Today's Transactions:
Tesoro Logistics Buys Pipeline for $400M
Chevron Pipeline is selling off 760 miles of oil pipeline through the deal
Tesoro Logistics LP (NYSE:TLLP) has purchased Chevron Pipeline Co.’s Northwest Products Pipeline System for $400 million.
The pipeline is 760 miles long, going from Salt Lake City to Spokane, Wash. The deal also includes a separate five-mile long pipeline to the Salt Lake City International Airport.
Tesoro amended its $300 million credit facility up to $500 million on Dec. 7.
Houston-based Chevron is a subsidiary of Chevron Corp. (NYSE: CVX). The company has about 10,000 miles of pipelines.
Jones Day advised Chevron on the deal.
The deal comes as several other energy M&A deals were announced, including Rosneft’s $56 billion purchase of TNK-BP, and Spectra Energy’s $1.49 billion purchase of the Express-Platte Pipeline System.
For more on the energy sector, see “Fracking Fuels Energy Deals.”
For more information on related topics, visit the following:
