Royal Dutch Petroleum (NYSE:RD)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Royal Dutch Petroleum Charts. Click Here for more Royal Dutch Petroleum Charts.](/p.php?pid=staticchart&s=NY%5ERD&p=8&t=15)
Shell Completes Sale of Major Refined Products Pipeline Systems;
Asset Sales to Buckeye and Magellan Valued at $1 Billion
HOUSTON, Oct. 1 /PRNewswire/ -- Shell Oil Products US announced today that it
has completed the sale of the company's Mid-Continent refined products pipeline
system to Magellan Midstream Partners, L.P., and the sale of the company's
Midwest refined products pipeline system to Buckeye Partners, L.P. Shell has
received proceeds from the two transactions totaling just over $1 billion.
The Mid-Continent refined products pipeline system, being acquired by Magellan
Midstream Partners, L.P. for approximately $490 million, is comprised of
pipeline and storage assets located in Texas, Oklahoma, Kansas and Colorado.
Major assets in the system include the Orion Pipeline, Hearne Pipeline, Chase
Pipeline, and Cimarron Pipeline. These pipeline assets, along with associated
distribution terminal and storage assets, form an integrated system that
carries refined products from the U.S. Gulf Coast refineries to West Texas and
the Great Plains region. Major markets include Dallas, El Paso, and Denver.
The Midwest refined products pipeline system, being acquired by Buckeye
Partners, L.P. for $517 million, is comprised of pipeline and storage assets
located in Missouri, Illinois, Indiana, Ohio, Michigan and Kentucky. Major
assets included in the sale consist of the East Line Pipeline, North Line
Pipeline, St. Louis ATF Pipeline, St. Louis 6-inch Pipeline, 2Rivers Pipeline
and 24 distribution terminals. These pipelines carry refined products from
primarily U.S. mid-continent refineries to points throughout the Midwest
region. Major markets include Chicago, St. Louis, Cleveland, Indianapolis and
Cincinnati.
"The sale of these assets represents one of several strategic decisions we have
made to streamline our businesses. The goal of our efforts is to further
enhance our competitiveness, maximize the operational efficiency of the
organization, and build upon our improving financial performance," said Lynn
Elsenhans, CEO of Shell Oil Products US.
Shell remains committed to marketing the Shell brand in West Texas, the Great
Plains region, and the Midwest through the company's retail and wholesale
networks. Contractual obligations to our customers will continue to be
honored.
Shell Oil Products US, a subsidiary of Shell Oil Company, is a leader in the
refining, transportation and marketing of fuels, and has a network of nearly
7,000 branded gasoline stations in the Western United States. Shell Oil
Company is a 50 percent owner of Motiva Enterprises LLC, along with Saudi
Refining, Inc., which refines and markets branded products through more than
10,000 stations in the Eastern and Southern United States. Shell Oil Company
is an affiliate of the Royal Dutch/Shell Group of Companies (NYSE:RDNYSE:SC).
For more information, please visit http://www.shell.com/ .
DATASOURCE: Shell Oil Products US
CONTACT: Shawn Frederick of Shell Oil Products US, +1-713-241-1571
Web site: http://www.shell.com/