Sunoco Logistics Partners L.P. Announces the Acquisition of Excel Pipeline LLC
10 September 2009 - 10:54PM
PR Newswire (US)
PHILADELPHIA, Sept. 10 /PRNewswire-FirstCall/ -- Sunoco Logistics
Partners L.P. (NYSE:SXL) (the "Partnership") announced today that
it has completed the acquisition of Excel Pipeline LLC, the owner
of the 52-mile crude oil Excel pipeline, from affiliates of
Gary-Williams Energy Corporation. The Excel Pipeline system
originates in Duncan, OK and delivers crude oil to Gary-Williams'
Wynnewood, OK refinery. The Partnership has operated the pipeline
for Gary-Williams since 2007. In connection with the transaction,
Gary-Williams has entered into a 20-year Throughput and Deficiency
Agreement. The transaction is expected to be immediately accretive.
"Our crude oil business investment platform has grown significantly
over the last few years," said Debbie Fretz, President and CEO.
"The addition of the Excel pipeline will add value to our business
and extend our long-term relationship with Gary-Williams." Sunoco
Logistics Partners L.P. (NYSE:SXL), headquartered in Philadelphia,
is a master limited partnership formed to acquire, own and operate
refined product and crude oil pipelines and terminal facilities.
The Refined Products Pipeline System consists of approximately
2,200 miles of refined product pipelines located in the
Northeastern and Midwestern United States, the recently acquired
MagTex Pipeline System, and interests in four refined products
pipelines, consisting of a 9.4 percent interest in Explorer
Pipeline Company, a 31.5 percent interest in Wolverine Pipe Line
Company, a 12.3 percent interest in West Shore Pipe Line Company
and a 14.0 percent interest in Yellowstone Pipe Line Company. The
Terminal Facilities consist of approximately 10.0 million shell
barrels of refined products terminal capacity and approximately
21.2 million shell barrels of crude oil terminal capacity
(including approximately 17.8 million shell barrels of capacity at
the Texas Gulf Coast Nederland Terminal). The Crude Oil Pipeline
System consists of approximately 3,800 miles of crude oil
pipelines, located principally in Oklahoma and Texas, a 55.3
percent interest in Mid-Valley Pipeline Company, a 43.8 percent
interest in the West Texas Gulf Pipe Line Company and a 37.0
percent interest in the Mesa Pipe Line System. For additional
information visit Sunoco Logistics' web site at
http://www.sunocologistics.com/. DATASOURCE: Sunoco Logistics
Partners L.P. CONTACT: Thomas Golembeski (media), +1-215-977-6298,
or Neal Murphy (investors), +1-866-248-4344 Web Site:
http://www.sunocologistics.com/
Copyright