Monday, October 20, 2014

Tesoro Significantly Expands Presence In North Dakota Bakken -- October 20, 2014

It seems I've seen this story before and I thought I had posted it, but cannot find it on the blog, so I must be mistaken. Regardless, from Bloomberg via Bakken.com:
Tesoro Logistics LP has acquired a natural-gas pipeline and processing business from QEP Resources Inc. 
The $2.5 billion dollar deal will expand Tesoro’s presence in the Bakken area significantly
Tesoro stated Sunday that this deal adds over 2,000 miles of pipeline capable of moving 2.9 billion cubic feet of gas per day or 54,000 barrels of oil.
In June, QEP stated that it would be focusing more on exploration and production in the energy industry rather than processing and transportation.
Post-acquisition, Tesoro now owns a 58 percent stake in the QEP Midstream Partners LP stock. 
QEP plans to focus primarily on the Williston and Permian basins and hopes to expand production following this transaction.

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