SAN ANTONIO, July 21, 2015 /PRNewswire/ -- Tesoro
Logistics LP (NYSE:TLLP) ("TLLP") and QEP Midstream Partners, LP
(NYSE:QEPM) ("QEPM") today announced the approval of the merger of
QEPM with TLLP during a unitholder meeting held today in
San Antonio. Over 64% of the QEPM
common units entitled to vote and held by unitholders other than
QEP Midstream Partners GP, LLC ("QEPM GP") and its affiliates were
cast in favor of the merger. TLLP, who indirectly holds all of
QEPM's subordinated units, approved the merger by written consent.
The merger required approval of at least a majority of the
outstanding common units of QEPM held by unitholders other than
QEPM GP and its affiliates.
![QEP Midstream Partners, LP logo. QEP Midstream Partners, LP logo.](http://photos.prnewswire.com/prnvar/20130904/LA74347LOGO)
Under the terms of the merger agreement, unitholders of QEPM
(other than QEPM GP and its affiliates) are entitled to receive
0.3088 TLLP common units for each QEPM common unit. Cash will be
paid to QEPM unitholders in lieu of any fractional units they
otherwise would have been entitled to receive in accordance with
the merger agreement.
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 proposed business combination with QEPM, or our ability to
integrate the operations we expect to acquire in such transactions,
and our ability to consummate the proposed business combination
with QEPM and any anticipated financing transactions in connection
therewith. 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
Logo -
http://photos.prnewswire.com/prnh/20130904/LA74347LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/qep-midstream-partners-lp-unitholders-approve-merger-with-tesoro-logistics-lp-300116591.html
SOURCE QEP Midstream Partners, LP