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Refinery M&A Heats Up

Mergers and acquisitions have heated up in the refining sector with more activity to come, according to analysts at Tudor, Pickering, Holt & Co.

The energy-centric investment bank said there have been five transactions announced so far this year, versus six between 2013 and 2015 and 16 between 2010 and 2012.

The transactions have included private equity firm One Rock Capital Partners acquiring the 58,000 barrel-per-day Kapolei, Hawaii refinery from Chevron (CVX) for undisclosed terms; Par Pacific Holdings (PARR) picking up the 18,000 barrel-per-day Newcastle, Wyo., refinery from Black Elk Refining LLC for $271 million; and Western Refining Inc. (WNR) completing the merger of the remaining 62% of Northern Tier Energy (NTI) and its 92,000 barrel-per-day refinery in St. Paul Park, Minn., for $1.5 billion.

The others are Tesoro (TSO) acquiring the 20,000 barrel-per-day Dakota Prairie, ND., refinery from Calumet Specialty Productions Partners (CLMT) and MDU Resources...


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