SAN ANTONIO, July 22, 2015 /PRNewswire/ -- Tesoro Logistics LP
(NYSE:TLLP) ("TLLP") and QEP Midstream Partners, LP (NYSE:QEPM)
("QEPM") today announced the completion of their previously
announced merger. As a result of the merger, QEPM is now a wholly
owned subsidiary of TLLP and its common units will cease trading on
the New York Stock Exchange. TLLP common units will continue to
trade on the New York Stock Exchange under the ticker symbol
"TLLP."
"We are pleased to announce the closing of the merger of QEPM
into TLLP," said Greg Goff, Chairman
and Chief Executive Officer of TLLP's general partner. "This
completes our acquisition of the Rockies natural gas business and
allows us to continue forward with our integrated logistics
strategy."
TLLP 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 on December 2, 2014. Under the terms of the merger
agreement, unitholders of QEPM (other than QEPM's general partner
and its affiliates) are entitled to receive 0.3088 TLLP common
units for each QEPM common unit. Cash will be paid to QEPM
common unitholders in lieu of any fractional units they otherwise
would have been entitled to receive.
About Tesoro Logistics LP
Tesoro Logistics LP is a leading full-service logistics company
operating primarily in the western and mid-continent regions of
the United States. TLLP owns and
operates a network of over 3,500 miles of crude oil, refined
products and natural gas pipelines. TLLP also owns and operates 28
crude oil and refined products truck and marine terminals and has
over 9 million barrels of storage capacity. In addition, TLLP owns
and operates four natural gas processing complexes and one
fractionation facility. TLLP is a fee-based, growth oriented
Delaware limited partnership
formed by Tesoro Corporation and is headquartered in San Antonio, Texas.
Certain statements and information in this communication may
constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. The words
"believe," "expect," "anticipate," "plan," "intend," "foresee,"
"should," "would," "could," "attempt," "appears," "forecast,"
"outlook," "estimate," "project," "potential," "may," "will," "are
likely" and other similar expressions are intended to identify
forward-looking statements, which are generally not historical in
nature. These forward-looking statements are based on our current
expectations and beliefs concerning future developments and their
potential effect on us.
Although we believe the assumptions upon which these
forward-looking statements are based are reasonable, any of these
assumptions could prove to be inaccurate and the forward-looking
statements based on these assumptions could be incorrect. The
matters discussed in these forward-looking statements are subject
to risks, uncertainties and other factors that could cause actual
results and trends to differ materially from those made, projected,
or implied in or by the forward-looking statements depending on a
variety of uncertainties or other factors including, but not
limited to, changes in the expected benefits of our transactions
relating to our acquisitions from Tesoro and acquisitions from
third parties, including our acquisition of QEP Field Services, LLC
and the merger with QEPM, or our ability to integrate the
operations we acquired in such transactions. For more information
concerning factors that could affect these statements see our
annual report on Form 10-K, quarterly reports on Form 10-Q and
other filings with the SEC. We undertake no obligation to publicly
release the result of any revisions to any such forward-looking
statements that may be made to reflect events or circumstances that
occur, or which we become aware of, after the date hereof.
Contact:
Investors:
Evan Barbosa, Investor Relations
Manager, (210) 626-7202
Media:
Tesoro Media Relations, media@tsocorp.com, (210) 626-7702
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SOURCE QEP Midstream Partners, LP