Tesoro Corporation to sell crude oil and refined product storage and pipeline assets

Tesoro Corporation and Tesoro Logistics LP today announced that subsidiaries of Tesoro have agreed upon terms for the sale of crude oil and refined product storage and pipeline assets in Los Angeles, California to TLLP for a total consideration of $500 million. The assets include 97 crude oil, feedstock and refined product storage tanks with combined capacity of 6.6 million barrels and a 50% interest in Line 88, a 16-mile pipeline that transports jet fuel from Tesoro's Los Angeles Refinery to the Los Angeles International Airport with average throughput of 25,000 barrels a day.

The acquisition price of $500 million will include cash of approximately $250 million and the issuance of common and general partner units to Tesoro, valued at approximately $250 million. The transaction is expected to close later this week.

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