Western Refining Logistics Files IPO Statement

Published in CSP Daily News

MLP will own, operate, develop and acquire terminals, storage tanks, pipelines, logistics assets

EL PASO, Texas -- Western Refining Inc. has filed a registration statement with the U.S. Securities & Exchange Commission (SEC) for a master limited partnership spinoff called Western Refining Logistics LP. The filing relates to a proposed initial public offering (IPO) of common units representing limited partner interests.

The company is applying to list the common units of Western Refining Logistics on the New York Stock Exchange under the symbol "WNRL."

El Paso, Texas-based Western Refining Inc. is forming Western Refining Logistics to own, operate, develop and acquire terminals, storage tanks, pipelines and other logistics assets.

Also with headquartered in El Paso, Western Refining Logistics expects its initial assets will include pipeline and gathering assets and terminalling, transportation and storage assets in the southwestern portion United States.

Western Refining spokesperson Gary Hanson declined to comment specifically on what such a move would mean for Western Refining's retail side, but he told CSP Daily News in March when the company's board announced that it would explore a spinoff that "MLPs traditionally are focused on midstream business and would not impact retail at all."

Western Refining is an independent refining and marketing company that operates refineries in El Paso and Gallup, N.M. Its asset portfolio also includes standalone refined products terminals in Albuquerque and Bloomfield, N.M.; asphalt terminals in Albuquerque, El Paso, Phoenix and Tucson, Ariz.; more than 220 retail stations and c-stores in Arizona, Colorado, New Mexico and Texas under the Giant and Howdy's names; and a fleet of crude oil and finished product truck transports, and wholesale petroleum products operations in Arizona, California, Colorado, Maryland, Nevada, New Mexico, Texas and Virginia.