M&A Deal Summary

Andeavor Logistics Acquires Tesoro Corp - Alaska Storage and Terminalling Assets

On July 1, 2016, Andeavor Logistics acquired oil/gas exploration company Tesoro Corp - Alaska Storage and Terminalling Assets from Andeavor for 444M USD

Acquisition Highlights
  • This is Andeavor Logistics’ 6th transaction in the Oil/Gas Exploration sector.
  • This is Andeavor Logistics’ 2nd largest (disclosed) transaction.
  • This is Andeavor Logistics’ 6th transaction in the United States.

M&A Deal Summary
Date 2016-07-01
Target Tesoro Corp - Alaska Storage and Terminalling Assets
Sector Oil/Gas Exploration
Buyer(s) Andeavor Logistics
Sellers(s) Andeavor
Deal Type Divestiture
Deal Value 444M USD

Target

Tesoro Corp - Alaska Storage and Terminalling Assets

United States
Tesoro Corp - Alaska Storage and Terminalling Assets include Storage: Crude oil, feedstock and refined product storage tanks with combined capacity of approximately 3.5 million barrels in Kenai, Alaska, with connectivity with TLLP's Tesoro Alaska Pipeline and Nikiski Products Terminal and Tesoro's Kenai Refinery. Terminals include Refined product terminals in Anchorage and Fairbanks with combined storage capacity of over 600,000 barrels, expected throughput of 10,400 barrels per day and rail loading of 7,000 barrels per day

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Buyer(S) 1

Buyer

Andeavor Logistics

Findlay, Ohio, United States

website

Category Company
Founded 2010
Sector Transportation
Revenue 2.4B USD (2018)
DESCRIPTION

Andeavor Logistics LP is a fee-based, full-service, diversified midstream logistics company, with integrated assets across the western and mid-continent regions of the United States. Andeavor Logistics operates through three business segments: Terminalling and Transportation, Gathering and Processing and Wholesale. Andeavor Logistics LP was founded in 2010 and is based in Findlay, Ohio.

DEAL STATS #
Overall 6 of 6
Sector (Oil/Gas Exploration) 6 of 6
Type (Divestiture) 5 of 5
Country (United States) 6 of 6
Year (2016) 1 of 1
Size (of disclosed) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-06 QEP Midstream Partners

San Antonio,, Texas, United States

QEP Midstream Partners, LP is a master limited partnership that was formed to own, operate, acquire and develop midstream assets. QEPM provides midstream gathering and processing services to companies in the Green River, Uinta and Williston basins.

Buy -

Seller(S) 1

SELLER

Andeavor

San Antonio, Texas, United States

website

Category Company
Founded 1968
Sector Energy Services and Equipment
Employees6,000
Revenue 34.2B USD (2017)
DESCRIPTION
Tesoro's corporate headquarters in San Antonio, Texas.
Tesoro's corporate headquarters in San Antonio, Texas.

Andeavor is a refiner and marketer of petroleum products. Andeavor operates six refineries in the western United States with a combined capacity of 850,000 barrels per day. Andeavor was founded in 1968 and is based in San Antonio, Texas.

DEAL STATS #
Overall 5 of 5
Sector (Oil/Gas Exploration) 3 of 3
Type (Divestiture) 4 of 4
Country (United States) 5 of 5
Year (2016) 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-28 Dakota Prairie Refining

Dickinson, North Dakota, United States

Dakota Prairie Refining LLC which owns a refinery near Dickinson, North Dakota, with strategic access to advantaged Bakken crude oil and is located just 100 miles west of the Tesoro Mandan Refinery. DPR's refinery has a crude oil capacity of 20 thousand barrels per day and produces ultra-low sulfur diesel, naphtha and resid. Tesoro plans to continue to market the ultra-low sulfur diesel to local customers and utilize the naphtha and resid in its integrated value chain system.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-06 Virent Energy Systems

Madison, Wisconsin, United States

Virent Energy Systems, Inc. is an innovative renewable fuels and chemicals company. Virent is creating the low carbon chemicals and fuels the world demands using a wide range of naturally-occurring, renewable resources. Its patented technology features catalytic chemistry to convert plant-based materials into a full range of products identical to those made from petroleum, including gasoline, diesel, jet fuel, and chemicals for plastics and fibers. The products are drop-in replacements that enable full utilization of existing logistics infrastructure without blending limitations.

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