Shares Of Arc Logistics Lower Following Acquisition Of Refined Products Terminals In Pennsylvania

Shares of

, an operator of energy logistics assets, were trading lower by more than 2.5 percent Wednesday morning after the company

it has agreed to acquire four refined products terminals in Pennsylvania. Arc Logistics Partners noted that it has entered into an agreement with Gulf Oil Limited Partnership to acquire 4 refined products terminals that are located in Altoona, Mechanicsburg, Dupont, and South Williamsport, Pennsylvania. Arc Logistics Partners added that the acquisition will boost its total shell capacity by around 12 percent to 7.7 million barrels across 21 terminators. The agreement also gives the company an option to acquire additional land with storage tanks adjacent to a terminal. "The Terminals are expected to allow the Partnership to leverage its expanded footprint to capitalize on commercial opportunities with new and existing customers," Arc Logistics Partners said in its press release. "The Terminals are expected to be an important addition to the Partnership's diversified portfolio of logistics assets and will provide opportunities for future growth."