ΕιδήσειςΕυρωπαϊκές Ειδήσεις Valero:To Sell Its 50% Stake In Gulf Pipeline For $330M dj Δευ, 25 Οκτωβρίου 2010 - 19:00
Valero Energy Corp. (VLO) said Monday that it has agreed to sell to Genesis Energy LP (GEL) for $330 million a 50% stake in a pipeline that brings deepwater crude oil from the Gulf of Mexico to the U.S. "This sale is part of our ongoing strategy of divesting noncore assets" and unlocking shareholder value, Valero Chairman and Chief Executive Bill Klesse said in a statement. The sale is expected to close in the fourth quarter, subject to regulatory approvals. The San Antonio company sold both of its East Coast refineries in the U.S. this year while it has been expanding its pipeline assets in the Texas Panhandle. Since early 2009, the company also purchased 10 Midwest ethanol plants. Valero has been trying to streamline its operations and cut costs aggressively since the recession hit, helping the company post a profit in the second quarter after reporting a year's worth of losses. Valero has owned its interest in Cameron Highway since the 380-mile underwater pipeline system was constructed in 2004 to deliver up to 500,000 barrels a day of crude oil from major Gulf deepwater production fields to the Texas coast. The pipeline is co-owned and operated by Enterprise Products Partners LP (EPD). Valero received $27 million to $33 million in annualized distributions from the venture, but Genesis said in a statement that it could see "significantly higher" distributions as new fields are developed. The pipeline's operations were not affected by the moratorium on new deepwater-drilling activity this year in the wake of the BP PLC (BP, BP.LN) oil spill in late April, company spokesman Bill Day said. Genesis CEO Grant Sims called the transaction a "strategic investment" that bolsters the midstream services it provides to Gulf Coast producers and refineries as offshore production grows. Cameron Highway has "cash flows tied to large, dedicated anchor fields, the majority of which are not yet fully developed, and it has capacity and is geographically positioned to benefit from future midstream service opportunities," Sims said. The Houston company plans to finance the cash payment to Valero through debt and equity. Valero shares were recently up 12 cents at $17.77, boosting year-to-date gains to 6%. Genesis shares were recently down 10 cents at $25.95. Its stock has gained 37% this year. Διαβάστε ακόμα Το Νέο Σώμα των Επιτρόπων Παρουσίασε η φον Ντερ Λάιεν – Στον Απόστολο Τζιτζικώστα τo Χαρτοφυλάκιο των Μεταφορών Τρι, 17 Σεπτεμβρίου 2024 - 14:12 «Όχι» Κομισιόν στις Εκκλήσεις της Αυτοκινητοβιομηχανίας για Καθυστέρηση των Στόχων CO2 Τρι, 17 Σεπτεμβρίου 2024 - 11:59 Αγορά Φυσικού Αερίου - Η …Ανάσταση του Κάθετου Διαδρόμου Τρι, 17 Σεπτεμβρίου 2024 - 08:51 Πρόταση Κομισιόν για τις Αλιευτικές Δυνατοτήτες σε Μεσόγειο και Εύξεινο Πόντο Δευ, 16 Σεπτεμβρίου 2024 - 19:29 Volkswagen: Μπροστά σε Μια Τριπλή Απειλή – Και στο Βάθος, η Tesla Δευ, 16 Σεπτεμβρίου 2024 - 19:18
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