Andeavor Logistics LP (ANDX)

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ANDX

Andeavor Further Enhances Permian Basin Position Through Acquisition of Rangeland Energy II, LLC

GlobeNewswire•January 3, 2018


https://finance.yahoo.com/news/andeavor-further-enhances-permian-basin-130101976.html

SAN ANTONIO, TEXAS - January 3, 2018 - Andeavor (ANDV) today announced that it has agreed to acquire 100% of the equity of Rangeland Energy II, LLC ("Rangeland"). Rangeland owns and operates assets in the Delaware and Midland Basins, including a recently-constructed crude oil pipeline, three crude oil storage terminals and a frac sand storage and truck loading facility.

Andeavor plans to integrate the acquired 110-mile crude oil pipeline (with ultimate throughput capacity of 145,000 barrels per day) and crude oil storage terminals with its nearby Conan Crude Oil Gathering System, currently under construction. Once fully integrated, the combination of the two systems will provide producers access to multiple markets by connecting to existing takeaway pipeline systems. The combined system also supports Andeavor`s development of additional gathering systems in the area, as well as enhancing commercial opportunities by providing direct access to the Midland market hub.

Andeavor expects the purchase price multiple to be approximately nine times expected 2018 EBITDA and approximately six times expected 2019 EBITDA, including synergies. Andeavor expects to drop down the pipeline assets to Andeavor Logistics, LP (ANDX) at a later date. The acquisition, which is subject to customary closing conditions including regulatory approval, is anticipated to close early in the first quarter of 2018.

About Andeavor
Andeavor is a premier, highly integrated marketing, logistics and refining company. Andeavor`s retail-marketing system includes more than 3,200 stores marketed under multiple well-known fuel brands, including ARCO®, SUPERAMERICA®, Shell®, Exxon®, Mobil®, Tesoro®, USA Gasoline(TM) and Giant®. It also has ownership in Andeavor Logistics LP (ANDX) and its non-economic general partner. Andeavor operates 10 refineries with a combined capacity of approximately 1.2 million barrels per day in the mid-continent and western United States.

About Andeavor Logistics LP
Andeavor Logistics LP is a leading full-service logistics company operating primarily in the western and mid-continent regions of the United States. Andeavor Logistics owns and operates a network of crude oil, refined products and natural gas pipelines. Andeavor Logistics also owns and operates crude oil and refined products truck terminals, marine terminals and dedicated storage facilities. In addition, Andeavor Logistics owns and operates natural gas processing and fractionation complexes. Andeavor Logistics is a fee-based, growth oriented Delaware limited partnership formed by Andeavor.