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Tesoro Logistics LP: Tesoro Logistics LP Reports Third Quarter 2013 Results



 Tesoro Logistics LP: Tesoro Logistics LP Reports Third Quarter 2013 Results

SAN ANTONIO - November 8, 2013 -  Tesoro Logistics LP (NYSE: TLLP) ("TLLP"  or 
the "Partnership")  today reported  third  quarter 2013  net income  of  $21.1 
million, or $0.37 per  diluted common limited partner  unit.  Included in  net 
income is approximately $4.9 million of remediation and crude oil volume  loss 
charges associated with the  High Plains Pipeline crude  oil release that  was 
reported on September 29, 2013.  

Distributable cash flow  for the  third quarter was  $33.9 million,  excluding 
costs of $1.9 million incurred as a result of the Northwest Products  Pipeline 
inspection and  maintenance  program.  On  October  24 2013,  the  Partnership 
announced its  quarterly cash  distribution of  $29.4 million,  or $0.545  per 
limited partnership unit, or $2.18 on an annualized basis.  This  distribution 
represents a 7 percent increase over  the quarterly distribution of $0.51  per 
unit ($2.04 per  unit on an  annualized basis) paid  in August 2013  and a  20 
percent increase over  the third  quarter 2012 distribution  paid in  November 
2012.  

North Dakota Crude Oil Pipeline Release

On September 29,  2013, the Partnership  reported that a  segment of the  High 
Plains Pipeline experienced a crude oil release.  "This event is  unacceptable 
to us and  we deeply  regret the  impact on  the landowner,"  said Greg  Goff, 
TLLP's Chairman  and Chief  Executive  Officer.  "Our  focus has  remained  on 
cleanup of  the affected  area and  identifying  the root  cause so  that  the 
Partnership can learn from  this incident and take  all necessary measures  to 
ensure this type of event does not occur again."

Follow-up integrity  inspection results  confirmed  no additional  leaks  were 
discovered and the Partnership took  proactive measures to ensure the  fitness 
of the pipeline before returning it to service on November 1, 2013.

Third Quarter 2013 Highlights

Revenues for  the third  quarter totaled  $93.8 million  which were  up  $33.9 
million from the prior quarter.  The increase in revenue was primarily  driven 
by a full quarter's  contribution from the first  tranche of Carson  logistics 
assets and the Northwest Products System  acquired late in the second  quarter 
2013.

Operating and maintenance expenses for  the third quarter were $39.8  million, 
up $18.2 million from the second  quarter due primarily to the full  quarter's 
contribution of the acquired assets.  General and administrative expenses  for 
the third quarter include $1.0 million of transaction and debt exchange costs.

Third quarter EBITDA  of $46.4  million includes  Northwest Products  Pipeline 
inspection and maintenance program costs of $1.9 million, transaction and debt
exchange costs of $1.0 million and $4.9 million of charges related to the High
Plains Pipeline crude oil release.   Adjusted EBITDA of $48.3 million excludes
Northwest Products Pipeline  inspection and  repair costs of  $1.9 million  as 
those expenses will  be covered  with cash  retained from  the purchase  price 
reduction of those assets.

On August 1,  2013, TLLP  issued $550 million  6.125% Senior  Notes due  2021. 
Proceeds from the offering  were used to repay  the amounts outstanding  under 
the  Partnership's  revolving  credit   facility  primarily  related  to   the 
acquisition of the first tranche of logistics assets from Tesoro Corporation's
("Tesoro") Southern California refining, marketing and logistics business.

Remaining Carson Logistics Assets Acquisition

Tesoro recently reaffirmed its intention to offer additional Carson  logistics 
assets, consisting  of pipelines,  a products  terminal, a  coke handling  and 
storage facility and  marine terminal  and storage facilities,  to TLLP.   The 
Partnership expects to negotiate a corresponding throughput and minimum volume
commitment agreement.   Based  on  additional  due  diligence,  subsequent  to 
Tesoro's  purchase  of  the   BP  Southern  California  integrated   refining, 
marketing, and logistics system, the value of those assets is now expected  to 
be in the range of $600 million to $700 million.

Twitter Announcement
TLLP  intends  to  utilize  Twitter,  in  conjunction  with  other  Regulation 
FD-compliant disclosure  vehicles,  such  as  press  releases,  8-Ks  and  its 
investor relations web  site, as part  of a broader  investor and  stakeholder 
communication   strategy.   The   new   Twitter   page   can   be   found   at 
http://twitter.com/TesoroLogistics.

Public Invited to Listen to Analyst Conference Call
At 7:30  a.m.  CST  on November  11,  2013,  TLLP will  broadcast,  live,  its 
conference call with analysts regarding third quarter 2013 and other  business 
matters. Interested parties may  listen to the live  conference call over  the 
Internet by logging on to http://www.tesorologistics.com.

About Tesoro Logistics LP
Tesoro Logistics  LP, headquartered  in San  Antonio, Texas,  is a  fee-based, 
growth-oriented Delaware limited partnership  formed by Tesoro Corporation  to 
own, operate, develop  and acquire  crude oil and  refined products  logistics 
assets.

This earnings release contains  certain statements that are  "forward-looking" 
statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, concerning the expectation
that proactive measures taken will prevent a pipeline spill from occurring  in 
the future; the total costs of remediation from the crude oil spill have  been 
included in third quarter  results; and the  acquisition of additional  Carson 
logistics  assets  from  Tesoro;    the  negotiation  of  related   commitment 
agreements and estimated value of the assets.  For more information concerning
factors that could affect these statements see our annual report on Form  10-K 
and current  reports  on Form  8-K  filed  with the  Securities  and  Exchange 
Commission. We undertake no obligation to  publicly release the result of  any 
revisions to any such forward-looking statements  that may be made to  reflect 
events or circumstances  that occur, or  which we become  aware of, after  the 
date hereof.

Contact:
Investors:
Chris Castro, Investor Relations Manager, (210) 626-7202

Media:
Tesoro Media Relations, media@tsocorp.com, (210) 626-7702

Results of Operations (Unaudited)

Factors Affecting Comparability

The financial information contained herein  of Tesoro Logistics LP ("TLLP"  or 
the "Partnership") for the three and nine months ended September 30, 2012  has 
been retrospectively  adjusted  to  include  the  historical  results  of  the 
Martinez crude oil marine terminal  assets (collectively, the "Martinez  Crude 
Oil Marine  Terminal"), the  Long  Beach marine  terminal assets  and  related 
short-haul  pipelines,  including   the  Los   Angeles  short-haul   pipelines 
(collectively, the "Long Beach Assets")  and the Anacortes rail car  unloading 
facility assets (collectively, the "Anacortes  Rail Facility") prior to  their 
acquisitions.  We refer to  the historical results of  the Martinez Crude  Oil 
Marine Terminal, the Long Beach Assets  and the Anacortes Rail Facility  prior 
to the acquisition  dates collectively as  our "Predecessors."  The  financial 
information has not been adjusted to include the historical results of the six
marketing and storage  terminals located  in Southern  California and  certain 
assets and properties  related thereto  (the "Carson  Terminal Assets")  since 
they were  not operated  by Tesoro  prior  to the  acquisition of  the  Carson 
Terminal Assets by TLLP on June 1, 2013. The results of these acquisitions are
included in the Terminalling, Transportation and Storage segment.

Our Predecessors  generally  recognized only  the  costs and  did  not  record 
revenue for transactions with Tesoro  in the Terminalling, Transportation  and 
Storage segment prior to  the acquisitions. Accordingly,  the revenues in  our 
Predecessors' historical combined financial statements relate only to  amounts 
received from third parties for these services.  Affiliate revenues have  been 
recorded for all of our assets in the Terminalling, Transportation and Storage
segment subsequent  to  the commencement  of  the commercial  agreements  with 
Tesoro upon completion  of the  acquisitions from  Tesoro.  As  a result,  the 
information  included  in  the  following  tables  is  not  comparable  on   a 
year-over-year basis.

                             TESORO LOGISTICS LP
                            RESULTS OF OPERATIONS
                                 (Unaudited)
              (In thousands, except units and per unit amounts)

                          Three Months Ended            Nine Months Ended
                            September 30,                 September 30,
                         2013           2012           2013          2012
                                     (includes                     (includes
REVENUES                           Predecessors)                 Predecessors)
Crude Oil Gathering  $   23,876    $    20,847     $   66,512    $    51,022
Terminalling,
Transportation and
Storage (a)              69,901         23,106        138,762         58,079
Total Revenues           93,777         43,953        205,274        109,101
COSTS AND EXPENSES
Operating and
maintenance
expenses                 39,845         17,897         78,569         44,992
Depreciation and
amortization
expenses                 13,028          3,433         23,447          9,123
General and
administrative
expenses (a) (b)          7,554          4,251         20,211         11,558
Loss on asset
disposals                    13             21            177            257
Total Costs and
Expenses                 60,440         25,602        122,404         65,930
OPERATING INCOME         33,337         18,351         82,870         43,171
Interest and
financing costs,
net (c)                 (12,284 )       (1,810 )      (24,459 )       (3,360 )
Interest income               -              -            493              -
NET INCOME               21,053         16,541         58,904         39,811
Loss (income)
attributable to
Predecessors                  -           (963 )            -            408
Net income
attributable to
partners                 21,053         15,578         58,904         40,219
General partner's
interest in net
income, including
incentive
distribution rights      (3,563 )         (842 )       (7,077 )       (1,436 )
Limited partners'
interest in net
income               $   17,490    $    14,736     $   51,827    $    38,783
Net income per
limited partner
unit (d):
Common - basic and
diluted              $     0.37    $      0.55     $     1.14    $      1.34
Common - diluted     $     0.37    $      0.54     $     1.14    $      1.33
Subordinated -
basic and diluted    $     0.37    $      0.41     $     1.10    $      1.19
Weighted average
limited partner
units outstanding:
Common units -
basic                31,722,523     15,553,113     30,456,062     15,424,700
Common units -
diluted              31,828,764     15,663,537     30,549,230     15,513,252
Subordinated units
- basic and diluted  15,254,890     15,254,890     15,254,890     15,254,890
Cash distributions
per unit             $   0.5450    $    0.4550     $   1.5450    $    1.2425

                             TESORO LOGISTICS LP
              RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP
                                 (Unaudited)
                                (In thousands)

                            Three Months Ended          Nine Months Ended
                               September 30,              September 30,
                            2013         2012          2013          2012
Reconciliation of EBITDA
and Distributable Cash                 (includes                   (includes
Flow to Net Income:                  Predecessors)               Predecessors)
Net income               $ 21,053    $   16,541     $  58,904    $   39,811
Depreciation and
amortization expenses      13,028         3,433        23,447         9,123
Interest and financing
costs, net                 12,284         1,810        24,459         3,360
Interest income                 -             -          (493 )           -
EBITDA (e)               $ 46,365    $   21,784     $ 106,317    $   52,294
Inspection and
maintenance costs
associated with the
Northwest Products
System                      1,901             -         1,901             -
Adjusted EBITDA (e)      $ 48,266    $   21,784     $ 108,218    $   52,294
Maintenance capital
expenditures (f)           (3,260 )      (4,171 )      (9,402 )      (6,925 )
Interest and financing
costs, net                (12,284 )      (1,810 )     (24,459 )      (3,360 )
Reimbursement for
maintenance capital
expenditures (f)              767         2,396         4,354         2,928
Non-cash unit-based
compensation expense          490           151         1,408           863
Loss on asset disposals        13            21           177           257
Change in deferred
revenue related to
shortfall payments           (278 )         (88 )         206           179
Change in other deferred
revenue                       147             -           792             -
Interest income                 -             -           493             -
Other reimbursements            -           703             -           703
Distributable Cash Flow
(e) (g)                  $ 33,861    $   18,986     $  81,787    $   46,939
Reconciliation of EBITDA
to Net Cash from
Operating Activities:
Net cash from operating
activities               $ 37,396    $   21,810     $  82,641    $   53,671
Changes in assets and
liabilities                (2,226 )      (1,384 )       2,719        (2,953 )
Amortization of debt
issuance costs               (586 )        (280 )      (1,408 )        (664 )
Unit-based compensation
expense                      (490 )        (151 )      (1,424 )        (863 )
Loss on asset disposals       (13 )         (21 )        (177 )        (257 )
Interest income                 -             -          (493 )           -
Interest and financing
costs, net                 12,284         1,810        24,459         3,360
EBITDA (e)               $ 46,365    $   21,784     $ 106,317    $   52,294

                             TESORO LOGISTICS LP
                       SELECTED OPERATING SEGMENT DATA
                                 (Unaudited)
             (In thousands, except barrel and per barrel amounts)

                             Three Months Ended          Nine Months Ended
                                September 30,              September 30,
                             2013         2012          2013         2012
                                        (includes                  (includes
OPERATING SEGMENTS                    Predecessors)              Predecessors)
CRUDE OIL GATHERING
Pipeline:
Pipeline revenues         $  10,683   $      9,193   $  29,172   $     23,822
Pipeline throughput
(barrels per day
("bpd")) (h) (i)             90,995         69,147      84,663         62,973
Average pipeline revenue
per barrel (j)            $    1.28   $       1.45   $    1.26   $       1.38
Trucking:
Trucking revenues         $  13,193   $     11,654   $  37,340   $     27,200
Trucking volume (bpd)
(i)                          47,414         42,821      44,930         34,543
Average trucking revenue
per barrel (j)            $    3.02   $       2.96   $    3.04   $       2.87
Total Revenues               23,876         20,847      66,512         51,022
Costs and Expenses:
Operating and
maintenance expenses (k)     17,299         12,029      39,730         27,711
Depreciation and
amortization expenses         1,026            916       3,061          2,482
General and
administrative expenses         866          1,046       2,321          2,364
Total Costs and Expenses     19,191         13,991      45,112         32,557
CRUDE OIL GATHERING
SEGMENT OPERATING INCOME  $   4,685   $      6,856   $  21,400   $     18,465
TERMINALLING, TRANSPORTATION AND
STORAGE
Terminalling:
Terminalling revenues     $  51,323   $     19,887   $ 110,745   $     48,804
Terminalling throughput
(bpd) (i)                   606,977        378,909     478,305        331,260
Average terminalling
revenue per barrel (j)    $    0.92   $       0.57   $    0.85   $       0.54
Pipeline transportation:
Pipeline transportation
revenues                  $  11,578   $      1,838   $  16,419   $      5,216
Pipeline transportation
throughput (bpd) (i)        173,111         90,286     116,686         92,124
Average pipeline
transportation revenue
per barrel (j)            $    0.73   $       0.22   $    0.52   $       0.21
Storage:
Storage revenues          $   7,000   $      1,381   $  11,598   $      4,059
Storage capacity
reserved (shell capacity
barrels) (i)              2,777,000        878,000   1,729,000        878,000
Storage revenue per
barrel on shell capacity
(per month) (j)           $    0.84   $       0.52   $    0.75   $       0.51
Total Revenues (a)           69,901         23,106     138,762         58,079
Costs and Expenses:
Operating and
maintenance expenses         22,546          5,868      38,839         17,281
Depreciation and
amortization expenses        12,002          2,517      20,386          6,641
General and
administrative expenses
(a)                           3,090          1,119       5,871          2,484
Loss on asset disposals          13             21         177            257
Total Costs and Expenses     37,651          9,525      65,273         26,663
TERMINALLING,
TRANSPORTATION AND
STORAGE SEGMENT
OPERATING INCOME          $  32,250   $     13,581   $  73,489   $     31,416

                             TESORO LOGISTICS LP
                           SELECTED FINANCIAL DATA
                                 (Unaudited)
                                (In thousands)

                               Three Months Ended        Nine Months Ended
                                 September 30,             September 30,
                              2013         2012         2013         2012
                                         (includes                 (includes
Capital Expenditures                   Predecessors)             Predecessors)
Expansion                   $ 18,082   $     21,566   $ 44,419   $     68,373
Maintenance (f)                3,260          4,171      9,402          6,925
Total Capital Expenditures  $ 21,342   $     25,737   $ 53,821   $     75,298

                               Three Months Ended        Nine Months Ended
                                  September 30,            September 30,
                               2013        2012         2013         2012
General and Administrative               (includes                 (includes
Expenses (a)                           Predecessors)             Predecessors)
Crude Oil Gathering          $   866   $     1,046    $  2,321   $      2,364
Terminalling,
Transportation and Storage     3,090         1,119       5,871          2,484
Unallocated (b)                3,598         2,086      12,019          6,710
Total General and
Administrative Expenses      $ 7,554   $     4,251    $ 20,211   $     11,558

                             TESORO LOGISTICS LP
                              BALANCE SHEET DATA
                                 (Unaudited)
                                (In thousands)

                               September 30, 2013  December 31, 2012
Cash and cash equivalents      $        65,081     $      19,290
Total Assets                         1,205,652           363,178
Debt, less current maturities          908,489           353,922
Total Equity (Deficit)                 228,351           (18,123 )
Working Capital                         46,746            11,091

                             TESORO LOGISTICS LP
              RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP
                                 (Unaudited)
                                (In millions)

                                                           Tesoro Logistics LP
                                                           Three Months Ended
                                                              June 30, 2013
Reconciliation of Adjusted EBITDA to Net Income:
Net income                                                 $         19.2
Depreciation and amortization expenses                                6.3
Interest and financing costs, net                                     6.6
Interest income                                                      (0.5 )
EBITDA (e)                                                 $         31.6
Inspection and maintenance costs associated with the
Northwest Products System                                               -
Adjusted EBITDA (e)                                        $         31.6

                                        Three Months Ended September 30, 2013
                                         Northwest Products   Carson Terminal
                                           System Assets          Assets
Reconciliation of EBITDA to Net Income:
Net income                              $            1.9      $        8.8
Depreciation and amortization expenses               3.6               4.5
EBITDA (e)                              $            5.5      $       13.3

_____________
(a)   See discussion of the factors affecting comparability noted on page 3.
 The Partnership's results of operations may not be comparable to the
Predecessors' historical results of operations for the reasons described
below:

  * Revenues -  There are  differences in  the way  our Predecessors  recorded 
    revenues and the way the Partnership records revenues after completion  of 
    the acquisitions of the Martinez Crude Oil Marine Terminal, the Long Beach
    Assets and  the  Anacortes  Rail  Facility  as  discussed  under  "Factors 
    Affecting Comparability."  

  * General and  Administrative  Expenses  -  Our  Predecessor's  general  and 
    administrative expenses  include direct  charges  for the  management  and 
    operation of our logistics assets and certain expenses allocated by Tesoro
    for general corporate  services, such  as treasury,  accounting and  legal 
    services.  These expenses were charged, or allocated, to our  Predecessors 
    based on the nature of the expenses. 

(b)   General and administrative expenses include transaction costs related to
acquisitions, including costs to integrate the businesses, of $0.7 million  in 
both the three months ended September 30,  2013 and 2012 and $4.7 million  and 
$1.6  million  in  the  nine   months  ended  September 30,  2013  and   2012, 
respectively.
(c)   Net interest and financing costs are higher in the three and nine months
ended September 30, 2013 as a result  of the senior notes issued in  September 
2012, the senior notes issued in August 2013, the exchange offering  completed 
in September 2013 and borrowings on the revolving credit facility to fund  the 
acquisition of the Carson Terminal Assets.
(d)  We base our calculation of net income per unit, including the  allocation 
of distributions  greater than  earnings, on  the weighted-average  number  of 
common and subordinated limited partner  units outstanding during the  period. 
 Therefore, as a result of the January Offering and units issued to Tesoro  in 
the Carson Terminal Assets Acquisition, net income per common and subordinated
limited partner units will not agree  for the nine months ended  September 30, 
2013
(e)    We define  earnings  before interest,  income taxes,  depreciation  and 
amortization  expenses  ("EBITDA")  as  net  income  before  depreciation  and 
amortization expenses, net interest and  financing costs and interest  income. 
We define adjusted EBITDA as EBITDA plus costs incurred for the inspection and
maintenance program associated with the Northwest Products System.  We  define 
distributable  cash  flow   as  adjusted  EBITDA   less  maintenance   capital 
expenditures and  net  interest and  financing  costs, plus  reimbursement  by 
Tesoro for certain maintenance  capital expenditures and other  reimbursements 
by Tesoro, non-cash unit-based compensation expense, loss on asset  disposals, 
the change in deferred revenue,  and interest income. EBITDA, adjusted  EBITDA 
and  distributable  cash  flow  are  not  measures  prescribed  by  U.S.  GAAP 
("non-GAAP")  but  are  supplemental  financial  measures  that  are  used  by 
management and may be used by external users of our financial statements, such
as industry analysts, investors, lenders and rating agencies, to assess:

  * our  operating   performance  as   compared  to   other  publicly   traded 
    partnerships  in  the  midstream   energy  industry,  without  regard   to 
    historical cost basis or financing methods; 

  * the ability  of  our assets  to  generate  sufficient cash  flow  to  make 
    distributions to our unitholders; 

  * our ability to incur and service debt and fund capital expenditures; and 

  * the viability of acquisitions and other capital expenditure projects,  and 
    the returns on investment of various investment opportunities. 

We believe that the  presentation of EBITDA and  adjusted EBITDA will  provide 
useful information  to  investors in  assessing  our financial  condition  and 
results of  operations. The  U.S. GAAP  measures most  directly comparable  to 
EBITDA and  adjusted  EBITDA  are  net income  and  net  cash  from  operating 
activities.  EBITDA  and  adjusted   EBITDA  have  important  limitations   as 
analytical tools, because they  exclude some, but not  all, items that  affect 
net income and net cash from operating activities.  
We believe  that the  presentation  of distributable  cash flow  will  provide 
useful information to investors as it is a widely accepted financial indicator
used by investors to compare partnership performance, as it provides investors
an enhanced perspective  of the operating  performance of our  assets and  the 
cash  our  business  is  generating.  The  U.S.  GAAP  measure  most  directly 
comparable to distributable cash flow is net income.  
These non-GAAP financial metrics should not be considered in isolation or as a
substitute for  analysis of  our  results as  reported  under U.S.  GAAP.  Our 
definitions of  these non-GAAP  financial  metrics may  not be  comparable  to 
similarly titled  measures of  other companies,  because they  may be  defined 
differently by  other  companies  in  our  industry,  thereby  limiting  their 
utility.
(f)    Maintenance  capital  expenditures  include  expenditures  required  to 
maintain equipment,  ensure  the  reliability, integrity  and  safety  of  our 
tankage and pipelines and address environmental regulations.
(g)   Certain prior year balances  in the distributable cash flow  calculation 
have been aggregated  or disaggregated  in order  to conform  to current  year 
presentation.
(h)   Also  includes barrels that  were gathered and  then delivered into  our 
High Plains Pipeline by truck.
(i)    Pipeline throughput volumes were  higher in the  three and nine  months 
ended September 30, 2013 primarily as a  result of increased demand driven  by 
the High Plains pipeline reversal and shipments to new destinations.  Trucking 
throughput  volumes  were  higher   in  the  three   and  nine  months   ended 
September 30, 2013 as a result of growth of our trucking operations in support
of Tesoro's strategy to move Bakken crude oil to its North Dakota refinery and
alternate  locations.  Terminalling  and  pipeline  transportation  throughput 
volumes were higher  in the  three and  nine months  ended September 30,  2013 
primarily as a result of additional volumes from the recent acquisition of the
Carson Terminal  Assets  from Tesoro  and  the acquisition  of  the  Northwest 
Products System  from  Chevron.  Average  monthly  reserved  storage  capacity 
increased in the three and nine months ended September 30, 2013 as a result of
the new commercial agreement with Tesoro that went into effect at the time  of 
the recent acquisition of the Carson Terminal Assets from Tesoro.
(j)    Management uses  average revenue  per barrel  and storage  revenue  per 
barrel on shell capacity to evaluate performance and compare profitability  to 
other companies in  the industry.  There  are a variety  of ways to  calculate 
average revenue per barrel; different companies may calculate it in  different 
ways.  We  calculate average  revenue per  barrel as  revenue divided  by  the 
number of days in the period divided by throughput (bpd). We calculate storage
revenue per barrel on shell capacity as revenue divided by number of months in
the period divided by shell capacity barrels.  Investors and analysts use this
financial measure to help analyze and compare companies in the industry on the
basis of  operating  performance.  These  financial  measures  should  not  be 
considered as  an  alternative  to  segment  operating  income,  revenues  and 
operating expenses or any other measure of financial performance presented  in 
accordance with U.S. GAAP.
(k)   Operating and maintenance expenses for  the Crude Oil Gathering  segment 
in the  three  and nine  months  ended September 30,  2013  include  imbalance 
settlement losses and  environmental expenses  associated with  the crude  oil 
pipeline release in North Dakota.

TLLP Earnings Release 3Q 2013

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This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
the
information contained therein.

Source: Tesoro Logistics LP via Thomson Reuters ONE
HUG#1742048
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