McGuireWoods Team Closes $445 Million Asset Acquisition for Andeavor Logistics LP

Monday, November 13, 2017 - 16:11
McGuireWoods lawyers advised Andeavor Logistics LP in its acquisition of $445 million in oil storage and terminal assets in Anacortes, Washington, from affiliates of the refining company Andeavor. The deal closed Nov. 8.
 
The assets include tankage that can hold 3.9 million barrels of crude oil and other storage for raw materials and refined products; a rail terminal and certain connected rail lines; and pipelines for transferring crude oil, noncrude materials, black oil and light petroleum products.
 
Since 2011, McGuireWoods lawyers have negotiated multiple asset acquisitions for San Antonio-based Andeavor Logistics, formerly known as Tesoro Logistics. They include the $444 million purchase of Alaska petroleum storage and terminal assets from Tesoro Corp. in 2016 and the $2.5 billion acquisition of QEP Resources Inc.’s natural gas pipeline and processing business in 2014.
 
Chicago partner Craig Culbertson and Pittsburgh partner Hannah Frank led a McGuireWoods deal team that included Chicago partner Yuan-Ying Hsu and associates Maria Sasinoski in Pittsburgh, and David S. Wolpa and John B. Hoke in Charlotte.
 
“We are proud to have represented Andeavor Logistics in this significant transaction, and we look forward to assisting the company in achieving its business objectives in the future,” Culbertson said.