Western Refining Logistics Acquires TexNew Mex Pipeline and Crude Oil Storage Tank from Sponsor Western Refining for $180M

In a joint statement today, Western Refining, Inc. WNR and Western Refining Logistics, LP WNRL announced that WNRL has acquired WNR's 375-mile segment of the TexNew Mex pipeline that extends from WNRL's crude oil station in Star Lake, New Mexico in the Four Corners region to WNRL's T Station in Eddy County, New Mexico.  WNRL also acquired an 80,000 barrel crude oil storage tank located at its crude oil pumping station in Star Lake, New Mexico. The primary consideration for the assets consisted of $180 million comprised of $25 million in cash, $145 million in revolver borrowings and $10 million in WNRL common units issued to WNR.  In connection with the closing, WNR and WNRL amended certain commercial agreements.  As part of these amendments, WNR will provide minimum volume commitments for ten years of 13,000 barrels per day (bpd) on the TexNew Mex pipeline and approximately 80,000 barrels of crude oil storage.  WNRL also issued to WNR a new class of WNRL partnership interests in connection with the acquisition that entitle WNR to 80% of the economics resulting from crude oil throughput on the TexNew See full press release