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Tesoro (TSO) Affiliates Buy Alaskan Assets from Flint Hills
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Independent refiner Tesoro Corporation announced that its subsidiaries Tesoro Alaska Company and Tesoro Alaska Terminals have acquired certain wholesale marketing and logistics assets from Wichita, KS-based Flint Hills Resources – a leading refining, chemicals and biofuels firm. The purchased assets are located in Anchorage and Fairbanks, AK. It is to be noted that late last year, Tesoro had declared its intention to acquire these assets.
The properties include all of Flint Hills’ wholesale fuel marketing contracts in Alaska and a 580,000-barrel in-service storage capacity terminal in Anchorage with associated truck rack and rail loading capability. An airport terminal in Fairbanks and a multi-year terminalling agreement at Flint Hills’ North Pole terminal are also part of the transaction. These additions will likely expand Tesoro’s reach in the region as well as support its existing assets.
Investors should know that in the coming days, Tesoro will likely offer these properties to the master limited partnership – Tesoro Logistics LP .
San Antonio, TX-based Tesoro is one of the largest independent oil refiners in the U.S. with a combined crude oil processing capacity of approximately 850,000 Bbl/d. The major advantages for the company are the scale and diversification benefits by virtue of its portfolio of six refineries. The company’s solid long-term competitive position on the supply-constrained California market is commendable.
The company currently carries a Zacks Rank #3 (Hold), which implies that the stock will perform in line with the broader U.S. equity market over the next one to three months.
Some better-ranked players in the energy sector include Enbridge Inc. (ENB - Free Report) and Independence Contract Drilling Inc. . Both stocks sport a Zacks Rank #1 (Strong Buy).
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Tesoro (TSO) Affiliates Buy Alaskan Assets from Flint Hills
Independent refiner Tesoro Corporation announced that its subsidiaries Tesoro Alaska Company and Tesoro Alaska Terminals have acquired certain wholesale marketing and logistics assets from Wichita, KS-based Flint Hills Resources – a leading refining, chemicals and biofuels firm. The purchased assets are located in Anchorage and Fairbanks, AK. It is to be noted that late last year, Tesoro had declared its intention to acquire these assets.
The properties include all of Flint Hills’ wholesale fuel marketing contracts in Alaska and a 580,000-barrel in-service storage capacity terminal in Anchorage with associated truck rack and rail loading capability. An airport terminal in Fairbanks and a multi-year terminalling agreement at Flint Hills’ North Pole terminal are also part of the transaction. These additions will likely expand Tesoro’s reach in the region as well as support its existing assets.
Investors should know that in the coming days, Tesoro will likely offer these properties to the master limited partnership – Tesoro Logistics LP .
San Antonio, TX-based Tesoro is one of the largest independent oil refiners in the U.S. with a combined crude oil processing capacity of approximately 850,000 Bbl/d. The major advantages for the company are the scale and diversification benefits by virtue of its portfolio of six refineries. The company’s solid long-term competitive position on the supply-constrained California market is commendable.
TESORO CORP Price
TESORO CORP Price | TESORO CORP Quote
The company currently carries a Zacks Rank #3 (Hold), which implies that the stock will perform in line with the broader U.S. equity market over the next one to three months.
Some better-ranked players in the energy sector include Enbridge Inc. (ENB - Free Report) and Independence Contract Drilling Inc. . Both stocks sport a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>