Tesoro completes acquisition of BP's refining and marketing assets

Sep 07, 2001 02:00 AM

Tesoro Petroleum announced it has completed the acquisition of certain refining and marketing assets of BP, including refineries in Salt Lake City, Utah, and Mandan, North Dakota. Closure on a related North Dakota crude gathering system will be handled separately, pending federal regulatory approval, and is expected around Nov. 1, 2001. The purchase was financed with debt and is expected to be accretive to earnings, starting in the third quarter. Lehman Brothers served as Tesoro's financial advisor.

Tesoro Petroleum is an independent refiner and marketer of petroleum products. The company operates five refineries in the western US with a combined capacity of approximately 390,000 bpd, making it the second-largest independent refiner and marketer in the region. Tesoro's marketing system includes more than 600 branded retail stations, of which approximately 160 are company-owned.

Source: Tesoro Petroleum Corp. via Newspage
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