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Last $76.24 USD
Change Today -3.55 / -4.45%
Volume 3.0M
TSO On Other Exchanges
New York
As of 8:04 PM 02/5/16 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

19100 Ridgewood Parkway

San Antonio, TX 78259-1828

United States

Phone: 210-626-6000


mission operations acquired in the Rockies Natural Gas Business acquisition. 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. In 2014, TLLP acquired the natural gas gathering, processing, treating and transportation and crude oil gathering business of QEP Resources, Inc.’s wholly-owned subsidiary, QEP Field Services, LLC with operations in Wyoming, Colorado, Utah and the Williston Basin in North Dakota (the Rockies Natural Gas Business). The Rockies Natural Gas Business provides natural gas liquid (NGL) fractionation and transportation services for its producer customers through direct ownership and operation of four natural gas processing complexes and one fractionation facility. As part of the transaction, TLLP acquired 56% of the limited partner interests in QEPM. Additionally, TLLP acquired the general partner of QEPM, including its 2% general partner interest and 100% of the incentive distribution rights. The QEPFS assets include approximately 2,000 miles of natural gas and crude oil gathering and transmission pipelines, within the Rocky Mountain Region and North Dakota, with natural gas throughput capacity of 2.9 billion cubic feet per day and crude oil throughput capacity of approximately 54 Mbpd. Additionally, the acquired assets include four natural gas processing complexes with total capacity of 1.5 billion cubic feet per day and one fractionation facility with 15 Mbpd of throughput capacity. Gathering TLLP’s 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. 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 Gathering System and TLLP’s equity method investment Uintah Basin Field Services, L.L.C. In addition, TLLP owns approximately 58% of QEPM, whose assets include ownership interests in the Vermillion, Williston, Green River and Three Rivers gathering systems and two pipelines regulated by the Federal Energy Regulatory Commission (FERC) through which it provides natural gas and crude oil transportation services. Processing TLLP’s Processing segment consists of four gas processing complexes, the Vermillion processing complex, the Uinta Basin processing complex, and Green River Processing, which owns one fractionation facility and two gas processing complexes, the Blacks Fork processing complex and the Emigrant Trail processing complex. TLLP processes gas for certain producers under keep-whole processing agreements. Under a keep-whole agreement, a producer transfers title to the NGLs produced during gas processing, and the processor, in exchange, delivers to the producer natural gas with a BTU content equivalent to the NGLs removed. Tesoro entered into a five-year agreement with TLLP, which transfers the commodity risk exposure associated with these keep-whole processing agreements from TLLP to Tesoro (the Keep-Whole Commodity Agreement). Under the Keep-Whole Commodity Agreement with Tesoro, Tesoro pays TLLP a fee for TLLP to process NGLs related to keep-whole agreements and delivers Shrink Gas to the producers on behalf of TLLP. Terminalling and Transportation TLLP’s Terminalling and Transportation segment consists of 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 regulated common carrier refined products pipeline system connecting Tesoro’s Kenai refinery to Anchorage, Alaska; 24 crude oil and refined products terminals and storage facilities in the western and midwestern U.S.; 4 marine terminals in California; a rail-car unloading fac


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