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28-06-2016

Tesoro Petroleum announces acquisition of Dakota Prairie Refining

Tesoro Corporation, through its affiliate Tesoro Refining & Marketing Company LLC, has acquired Dakota Prairie Refining, LLC (DPR), which owns a  refinery near Dickinson, North Dakota, with strategic access to advantaged Bakken crude oil and is located just 100 miles west of the Tesoro Mandan Refinery.

DPR's refinery has a crude oil capacity of 20 thousand barrels per day and produces ultra-low sulfur diesel, naphtha and resid. Tesoro plans to continue to market the ultra-low sulfur diesel to local customers and utilize the naphtha and resid in its integrated value chain system.

In consideration for this acquisition, Tesoro is ensuring the continued servicing of DPR's $66 million term loan debt and contributing approximately $10 million toward working capital.

"We have successfully grown our business in North Dakota, and created substantial value for our shareholders and local communities," said Greg Goff, Chairman, President and Chief Executive Officer of Tesoro Corporation. "This acquisition presents new opportunities for continued growth. We have already identified plans to drive substantial improvements, and we are prepared to execute on these plans in 2016. This includes system-wide commercial and feedstock optimization, increased efficiencies in distribution and reduced transportation and refining costs. As a result, we expect to generate more than $20 million in annual operating income from this business - even if the current economic conditions continue."

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