Tesoro Logistics LP (TLLP) (“TLLP”) and QEP Midstream Partners, LP (QEPM) (“QEPM”) today announced the completion of their previously announced merger. As a result of the merger, QEPM is now a wholly owned subsidiary of TLLP and its common units will cease trading on the New York Stock Exchange. TLLP common units will continue to trade on the New York Stock Exchange under the ticker symbol “TLLP.”
“We are pleased to announce the closing of the merger of QEPM into TLLP,” said Greg Goff, Chairman and Chief Executive Officer of TLLP’s general partner. “This completes our acquisition of the Rockies natural gas business and allows us to continue forward with our integrated logistics strategy.”
TLLP had previously purchased the general partner of QEPM as well as an approximately 56% limited partner interest in and all of the incentive distribution rights of QEPM on December 2, 2014. Under the terms of the merger agreement, unitholders of QEPM (other than QEPM’s general partner and its affiliates) are entitled to receive 0.3088 TLLP common units for each QEPM common unit. Cash will be paid to QEPM common unitholders in lieu of any fractional units they otherwise would have been entitled to receive.
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.