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Last $52.44 USD
Change Today -0.48 / -0.91%
Volume 303.0K
As of 8:04 PM 07/31/15 All times are local (Market data is delayed by at least 15 minutes).

tesoro logistics lp (TLLP) Key Developments

Tesoro Logistics LP Presents at Credit Suisse 2015 MLP and Energy Logistics Conference, Jun-24-2015

Tesoro Logistics LP Presents at Credit Suisse 2015 MLP and Energy Logistics Conference, Jun-24-2015 . Venue: Credit Suisse Offices, One Madison Avenue, 12th Floor, New York, New York, United States. Speakers: Phillip M. Anderson, President of Tesoro Logistics GP LLC and Director of Tesoro Logistics GP LLC.

Tesoro Logistics LP Presents at 3rd Annual North American Midstream Oil, Gas & LNG Infrastructure Finance Forum, Jun-16-2015 09:30 AM

Tesoro Logistics LP Presents at 3rd Annual North American Midstream Oil, Gas & LNG Infrastructure Finance Forum, Jun-16-2015 09:30 AM. Venue: Hyatt Regency Houston, 1200 Louisiana Street, Houston, Texas, United States. Speakers: Phillip M. Anderson, President of Tesoro Logistics GP LLC and Director of Tesoro Logistics GP LLC.

Tesoro Logistics LP Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Expects Earnings Guidance for the Full Year 2015

Tesoro Logistics LP reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. The company reported first quarter 2015 net income of $74 million, or $0.63 per diluted common limited partner unit compared to net income of $42 million, or $0.64 per diluted common limited partner unit in the first quarter 2014. Adjusted EBITDA for the first quarter 2015 was $168 million, up $93 million or 124% from the first quarter 2014. Total Revenue was $263 million compared to $127 million a year ago. OPERATING INCOME was $108 million compared to $60 million a year ago. EBITDA (d) was $155 million compared to $77 million a year ago. Capital expenditures for the first quarter 2015 totaled $66 million compared to $26 million a year ago. This includes $57 million of growth capital, of which approximately $4 million was reimbursed and $9 million of maintenance capital, of which approximately $1 million was reimbursed. First quarter 2015 growth capital spend was primarily related to the completion of the first phase of the Connolly Gathering System. The company still expects full year 2015 capital spending of $450 million, which includes the updated High Plains Pipeline expansion projects and other organic growth investments. The company expects to spend approximately $390 million of growth capital, or $380 million net of reimbursements and approximately $60 million of maintenance capital, or $40 million net of reimbursements. The company continues to expect full year 2015 EBITDA of $625 million to $690 million before any drop down opportunities from Tesoro. The company expects Tesoro to offer assets to TLLP in 2015, the acquisition of which should further strengthen TLLP's portfolio of highly committed, fee-based assets. The company forecasted net income in the range of $257 million to 322 million; depreciation and amortization expenses of $202 million.

Tesoro Logistics LP Announces Quarterly Distribution Payable on May 15, 2015

Tesoro Logistics LP announced the declaration of its quarterly cash distribution for the first quarter 2015 of $0.6950 per limited partnership unit, or $2.78 on an annualized basis. This distribution represents a 4% increase over the quarterly distribution of $0.6675 per unit ($2.67 per unit on an annualized basis) paid in February 2015. The first quarter distribution will be paid on May 15, 2015, to all unitholders of record as of May 4, 2015. In the prior four quarters, TLLP has increased its distribution to limited partners by 18%.

Tesoro Logistics LP Announces Executive Changes

Tesoro Logistics LP announced the appointment of Robert W. Goldman and Michael E. Wiley to serve on the Board of Directors of the general partner. Mr. Goldman and Mr. Wiley both serve as independent members of the Board of Directors of Tesoro Corporation which, directly and indirectly through its affiliates, owns the general partner. Mr. Goldman and Mr. Wiley are replacing two management directors, Keith M. Casey and Charles S. Parrish. Mr. Parrish will continue to serve as Vice President and General Counsel of the General Partner and Executive Vice President, General Counsel and Secretary of the company. Mr. Casey will continue to serve as Executive Vice President, Operations of the company. Mr. Goldman is the former Senior Vice President and Chief Financial Officer of Conoco Inc. Previously, Mr. Goldman held various senior financial and operational roles with Conoco and E.I. DuPont de Nemours. In addition to serving on company's Board, Mr. Goldman is currently a member of the board of directors of FRG Development Company and Parker Drilling Company, and is a former member of the board of directors of El Paso Corporation. Mr. Goldman is also a member of the Advisory Board of the Energy Policy Institute at Chicago, the former chairman of the Accounting Committee of the American Petroleum Institute and a former member of the Advisory Counsel of Global Infrastructure Partners. In addition to serving on company's Board, Mr. Wiley is currently a member of the board of directors of Bill Barrett Corporation, and Post Oak Bank, N.A. Mr. Wiley also serves as Chairman of Independent Trustees of Fidelity Sector Portfolios.

 

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Industry Analysis

TLLP

Industry Average

Valuation TLLP Industry Range
Price/Earnings 49.7x
Price/Sales 5.7x
Price/Book 2.8x
Price/Cash Flow 25.2x
TEV/Sales 1.9x
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