Norton Rose Fulbright advises Tesoro Logistics on US$700M asset acquisition

Business November 23, 2016

Lawyers in Norton Rose Fulbright's Houston and Washington, DC offices represented Tesoro Logistics LP in the US$700 million acquisition of certain North Dakota gathering and processing assets from Whiting Oil and Gas Corporation, GBK Investments L.L.C. and WBI Energy Midstream, LLC.

The North Dakota assets are comprised of 650 miles of crude oil, natural gas and produced water gathering systems as well as two natural gas processing facilities. Together, these systems afford 170 MMcf per day of natural gas processing capacity and 18,700 barrels per day of fractionation capacity.

This deal is part of Tesoro's larger US$1.1 billion investment in further integrating its midstream petroleum services businesses. As a result, the company expects an annual distribution growth of 12-15 percent for 2017.

The North Dakota assets acquisition is subject to customary closing conditions and is expected to close early 2017.

Daniel Mark (Houston) led the transaction team with support from Bobby Phillpott (Houston), David Foster (Washington, DC), Tony Shih, Seth Isgur, Islara Irgit (Houston) and Luke McFarland (Washington, DC).