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Last $56.41 USD
Change Today +0.36 / 0.64%
Volume 133.5K
TLLP On Other Exchanges
Symbol
Exchange
New York
Berlin
As of 8:04 PM 04/17/15 All times are local (Market data is delayed by at least 15 minutes).

tesoro logistics lp (TLLP) Key Developments

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.

Tesoro Logistics LP Announces Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended Dec. 31, 2014; Provides Earnings Guidance for the Full Year of 2015

Tesoro Logistics LP announced unaudited consolidated earnings results for fourth quarter and full year ended Dec. 31, 2014. For the quarter, the company reported total revenues of $190 million, operating income of $37 million, net loss available to partners of $11 million, limited partners interest in net loss of $25 million or $0.34 per diluted share adjusted EBITDA of $90 million, total capital expenditures of $107 million compared to the total revenues of $101 million, operating income of $21 million, net income available to partners of $21 million, limited partners interest in net income of $16 million or $0.33 per diluted share adjusted EBITDA of $55 million, total capital expenditures of $24 million for the same quarter a year ago. For the year, the company reported total revenues of $600 million, operating income of $206 million, net income available to partners of $99 million, limited partners interest in net income of $56 million or $0.96 per diluted share adjusted EBITDA of $315 million, total capital expenditures of $244 million compared to the total revenues of $313 million, operating income of $74 million, net income available to partners of $80 million, limited partners interest in net income of $68 million or $1.474 per diluted share adjusted EBITDA of $168 million, total capital expenditures of $83 million for the previous year. The company expects full year 2015 EBITDA of $625 million to $690 million, before any drop down opportunities from Tesoro. The Company estimates full year 2015 capital spending of $450 million. The company expects to spend approximately $390 million of growth capital and approximately $60 million of maintenance capital, $40 million net of reimbursements.

TLLP Extends Binding Open Season for Additional Expansion to THPP System

Tesoro Logistics LP, or TLLP, has announced an extension of the binding open season to assess shipper interest in firm priority capacity on the Tesoro High Plains Pipeline system, or THPP, in North Dakota, until February 20, 2015. As previously announced, the proposed THPP capacity expansion would provide additional pipeline capacity of approximately 50,000 barrels per day (bpd) from various points south of Lake Sakakawea to Ramberg Station, with an expected in-service date during the second quarter of 2016. This project, in addition to the previous open season successfully commissioned in 2014, would bring total capacity for shipments on THPP system to approximately 240,000 bpd. The project envisions pipeline origins on two legs of the THPP system, one which would originate at the Alexander Station. A minimum subscription of at least 15,000 bpd would be required for the Alexander origin shipments at higher tariffs than shipments from the other origin points, to reflect the higher level of capital investment for the Alexander line expansion. The expansion would provide additional takeaway capacity from the high crude oil producing areas in McKenzie County, N.D. to Tesoro Logistics' Bakken Area Storage Hub in Williams County, N.D. where crude oil is distributed to key take-away pipelines and rail loading facilities. The pipelines include Enbridge North Dakota Pipeline and a potential connection to the proposed Dakota Access Pipeline. The in-service time frame is subject to THPP obtaining sufficient commitments from shippers as well as regulatory and internal approvals.

Tesoro Logistics LP Announces Distribution for the Fourth Quarter 2014, Payable February 13, 2015

Tesoro Logistics LP announced the declaration of its quarterly cash distribution for the fourth quarter 2014 of $0.6675 per limited partnership unit, or $2.67 on an annualized basis. This distribution represents a 4% increase over the quarterly distribution of $0.6425 per unit ($2.57 per unit on an annualized basis) paid in November 2014. The fourth quarter distribution will be paid February 13, 2015, to all unitholders of record as of February 2, 2015.

Tesoro Logistics LP Extends Previous Binding Open Season, Proposing Additional Expansion to THPP System

Tesoro Logistics LP announced that in response to requests from potential shippers, the Partnership is extending the binding open season, to assess shipper interest in firm priority capacity on the Tesoro High Plains Pipeline system (THPP) in North Dakota, until February 20, 2015. the proposed THPP capacity expansion would provide additional pipeline capacity of approximately 50,000 barrels per day (bpd) from various points south of Lake Sakakawea to Ramberg Station, with an expected in-service date during the second quarter of 2016. This project, in addition to the previous open season successfully commissioned in 2014, would bring total capacity for shipments on THPP system to approximately 240,000 bpd. The project envisions pipeline origins on two legs of the THPP system, one which would originate at the Alexander Station. A minimum subscription of at least 15,000 bpd would be required for the Alexander origin shipments at higher tariffs than shipments from the other origin points, to reflect the higher level of capital investment for the Alexander line expansion. The expansion would provide additional takeaway capacity from the high crude oil producing areas in McKenzie County, N.D. to Tesoro Logistics' Bakken Area Storage Hub in Williams County, N.D. where crude oil is distributed to key take-away pipelines and rail loading facilities. The pipelines include Enbridge North Dakota Pipeline and a potential connection to the proposed Dakota Access Pipeline. The in-service time frame is subject to THPP obtaining sufficient commitments from shippers as well as regulatory and internal approvals.

 

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TLLP

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Valuation TLLP Industry Range
Price/Earnings 60.3x
Price/Sales 7.0x
Price/Book 3.1x
Price/Cash Flow 35.8x
TEV/Sales 2.6x
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