March 26, 2013 at 08:30 AM EDT
Global Partners Announces Bakken Pipeline Connection Agreement

Global Partners LP (NYSE: GLP) today announced it has executed a pipeline connection agreement with Tesoro Logistics whereby Tesoro Logistics' High Plains Pipeline System will build, own and operate a new seven-mile pipeline lateral from its Lignite, ND crude oil station to Global's 100,000 barrel crude oil storage tank at the Basin Transload facility in Columbus, ND. Crude oil is expected to begin flowing to the new Columbus-bound branch in the third quarter of 2013, enhancing the movement of crude from the mid-continent to Global’s destination assets on the East Coast.

“Strategic expansion of our crude gathering system is a key component of the rail logistics strategy we are deploying across our assets in the mid-continent region, ” said Eric Slifka, President and Chief Executive Officer of Global Partners. “Our agreement with Tesoro Logistics is an important step toward that objective. The pipeline connection will tie our Columbus location directly to the Tesoro High Plains Pipeline System. The new branch will augment the volume of crude currently being transported by truck from the wellhead to our Columbus storage facility. The pipeline-connected gathering system will enhance the ratability of the Columbus terminal, and make the terminal available to a broader area of the region that may not be accessible by truck. This agreement increases our efficiency to gather and move price-advantaged crude from the mid-continent to East Coast refining markets. Of the 738,000 barrels per day of North Dakota production, Global and its customers are moving approximately 120,000 barrels per day of that volume to high value destination markets.”

Tesoro’s High Plains Pipeline System includes an approximate 45,000 barrels per day truck-based crude oil gathering operation and approximately 700 miles of pipeline and related storage assets. This system gathers and transports crude oil produced from the Bakken Shale/Williston Basin area, one of the most prolific onshore crude oil producing basins in North America.

About Global Partners LP

A publicly traded master limited partnership, Global Partners LP is a midstream logistics and marketing company. Global is a leader in the logistics of transporting Bakken and Canadian crude oil and other energy products via rail, establishing a ‘virtual pipeline’ from the mid-continent region of the U.S. and Canada to refiners and other customers on the East and West coasts. Global owns, controls or has access to one of the largest terminal networks of petroleum products and renewable fuels in the Northeast, and is one of the largest wholesale distributors of gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers in New England and New York. With a portfolio of approximately 1,000 locations in nine states, the Partnership is also one of the largest independent owners, suppliers and operators of gasoline stations and convenience stores in the Northeast. In addition, the Partnership is a distributor of natural gas. Global is No. 182 in the Fortune 500 list of America’s largest corporations. For additional information visit www.globalp.com.

Forward-looking Statements

Some of the information contained in this news release may contain forward-looking statements. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements, and may contain the words “may,” “believe,” “should,” “could,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “continue,” “will likely result,” or other similar expressions. In addition, any statement made by Global Partners LP’s management concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects and possible actions by Global Partners LP or its subsidiaries are also forward-looking statements.

Although Global Partners LP believes these forward-looking statements are reasonable as and when made, there may be events in the future that Global Partners LP is not able to predict accurately or control, and there can be no assurance that future developments affecting Global Partners LP’s business will be those that it anticipates.

For additional information about risks and uncertainties that could cause actual results to differ materially from the expectations Global Partners LP describes in its forward-looking statements, please refer to Global Partners LP’s Annual Report on Form 10-K for the year ended December 31, 2012 and subsequent filings the Partnership makes with the Securities and Exchange Commission.

Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made. Global Partners LP expressly disclaims any obligation or undertaking to update forward-looking statements to reflect any change in its expectations or beliefs or any change in events, conditions or circumstances on which any forward-looking statement is based.

Contacts:

Global Partners LP
Thomas J. Hollister, 781-894-8800
Chief Operating Officer and
Chief Financial Officer
or
Edward Faneuil, 781-894-8800
Executive Vice President,
General Counsel and Secretary
Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here