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Company Description

Contact Info

19100 Ridgewood Parkway

San Antonio, TX 78259

United States

Phone: 210-626-6000


storage capacity. In addition, TLLP owns and operates four natural gas processing complexes and one fractionation facility. TLLP generates revenues by charging fees for gathering crude oil and natural gas, for processing natural gas, and for terminalling, transporting and storing crude oil and refined products. Gathering Gathering segment consists of crude oil, natural gas and produced water gathering systems in the North Dakota Williston Basin/Bakken Shale area (the Bakken Region) and the Uinta, Vermillion and greater Green River basins (the Rockies Region). TLLP’s High Plains System, located in the Bakken Region, gathers and transports crude oil from various production locations in this area for transportation to Tesoro’s North Dakota refinery and other destinations in the Bakken Region, including export rail terminals and pipelines. TLLP’s natural gas gathering systems include the Uinta Basin, Vermillion, Williston, Green River, and Three Rivers gathering systems, its equity method investments in Uintah Basin Field Services, L.L.C. and Three Rivers Gathering, L.L.C., and two pipelines regulated by the Federal Energy Regulatory Commission (FERC) through which it provides natural gas and crude oil transportation services. Processing Processing segment consists of four gas processing complexes and one fractionation complex. TLLP processes gas for certain producers under keep-whole processing agreements. Terminalling and Transportation Terminalling and Transportation segment consists of 25 crude oil and refined products terminals and storage facilities in the western and midwestern U.S. that are supplied by Tesoro-owned and third-party pipelines, trucks and barges; 4 marine terminals in California that load and unload vessels; 130 miles of pipelines, which transport products and crude oil from the company’s refineries to nearby facilities in Salt Lake City and Los Angeles and a 50% fee interest in a 16-mile pipeline that transports jet fuel from its Los Angeles refinery to the Los Angeles International Airport; a regulated common carrier products pipeline running from Salt Lake City, Utah to Spokane, Washington and a jet fuel pipeline to the Salt Lake City International Airport (the Northwest Products Pipeline); a rail-car unloading facility in Washington that receives crude oil transported on unit trains leased by the company; a petroleum coke handling and storage facility in Los Angeles that handles and stores petroleum coke from its Los Angeles refinery; and a regulated common carrier refined products pipeline system connecting the company’s Kenai refinery to Anchorage, Alaska. Seasonality TLLP’s customers experience modest seasonality due to regulatory restrictions, weather conditions and seasonal refined product demand, resulting in higher volumes during the summer months and lower volumes during the winter months. Many of the effects of seasonality on TLLP’s operating results are mitigated through fee-based commercial agreements that include minimum volume commitments. Marketing This segment sells transportation fuels through branded and unbranded channels. The branded business sells transportation fuels using a brand portfolio with the ARCO, Shell, Exxon, Mobil, USA Gasoline, Rebel and Tesoro brands across a network of 2,397 retail stations. This segment sells gasoline and diesel fuel in the western U.S. through branded and unbranded channels. The company’s branded operations include transportation fuel sales through retail stations and agreements with third-party dealers and distributors (or Jobber/Dealers). Its unbranded, or wholesale, business includes volumes sold through agreements with third-party Jobber/Dealers. The company’s branded and unbranded channels provide a committed outlet for the majority of the gasoline produced by its refineries. Government Regulation and Legislation The transportation of crude oil and refined products involves risk and subjects the company to the provisions of the Federal Oil Pollution Act of 1990 and related state requirements. The company received federal and state approvals necessary to comply with the Federal Oil Pollution Act of 1990 and


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Valuation TSO Industry Range
Price/Earnings 7.6x
Price/Sales 0.4x
Price/Book 1.7x
Price/Cash Flow 4.5x
TEV/Sales 0.1x

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