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Tesoro Petroleum: Tesoro Corporation Sells Los Angeles Storage And Pipeline Assets To Tesoro Logistics

The following excerpt is from the company's SEC filing.

Tesoro Corporation (NYSE:TSO, Tesoro) and Tesoro Logistics LP (NYSE:TLLP) today announced that subsidiaries of Tesoro have closed the sale of crude oil and refined product storage and pipeline assets in Los Angeles, California (the “Los Angeles Refinery Storage and Handling Assets”) to TLLP for a total consideration of $500 million. TLLP acquired 97 crude oil, feedstock and refined product storage tanks with combined capacity of 6.6 million barrels and a 50% interest a 16-mile pipeline that transports jet fuel from Tesoro’s Los Angeles Refinery to the Los Angeles Internation al Airport.

The acquisition price of $500 million included cash of approximately $250 million and the issuance of common and...