Ingleside, TX /PRNewswire/ - Flint Hills Resources has hired J.P. Morgan to market and explore sales options for its crude oil terminal and fuel loading operations at Ingleside, Texas. This process is intended to identify all strategic alternatives for the future of the Ingleside operations, including a potential partnership with another company or the sale of the terminal.
Acquired in 2009, the Ingleside terminal is a gateway to global markets providing key waterborne capabilities which enable Texas crude oil to flow around the world. Strategically located at the mouth of Corpus Christi Bay on the Texas Gulf Coast and within close proximity to rich oil fields in the Eagle Ford and Permian Basin, Ingleside operations provide a tremendous location advantage for current and future oil sales.
To enhance operations on its current 115-acre site, Flint Hills Resources began a significant expansion project earlier this year to add four new storage tanks and associated piping. Total capacity will increase from 2.5 to 3.5 million barrels. Additionally, loading capacity will increase from 200 to 380 thousand barrels per day. Ingleside is connected to the Flint Hills Resources Eagle Ford pipeline system and the Midway/Taft terminal with future connections to all major pipelines including EPIC, Gray Oak (Phillips 66), Cactus II (Plains), Koch Pipeline, Nustar, and Harvest.
"Almost a decade ago, we had a vision that our Ingleside terminal would help us capitalize on the tremendous growth of crude oil imports and exports in this region," said Jeff Ramsey, President and Chief Executive Officer, Flint Hills Resources. "We've achieved that vision and now with our expansion project, this marine terminal and loading operation is poised to reach the next level in the global crude oil business."
Ingleside operates at the Port of Corpus Christi, the 4th largest port in the U.S. in total tonnage and number one in crude oil exports.
Normal operations at Ingleside will continue as planned during this exploratory period and will not impact any operational priorities, projects or initiatives.
The exploratory process does not mean that a sale is inevitable. The market will dictate the best path forward.
About Flint Hills Resources
Flint Hills Resources is an industry leader in refining, chemicals, and biofuels and ingredients, with operations primarily in the Midwest and Texas. Its manufacturing capability is built upon six decades of refining experience, and the company has expanded its operations through capital projects and acquisitions worth more than $15 billion since 2002. Based in Wichita, Kansas, the company has more than 4,000 employees and is a wholly owned subsidiary of Koch Industries, Inc.
Flint Hills Resources' subsidiaries produce and market gasoline, diesel, jet fuel, asphalt, ethanol, biodiesel, olefins, polymers, aromatics and base oils. They also produce distillers corn oil, distillers grains and fertilizers.
Flint Hills Resources' refining business operates refineries in Minnesota (Rosemount) and Texas (Corpus Christi), with a combined crude oil processing capacity of more than 600,000 barrels per day. Its petrochemical business includes production facilities in Illinois (Peru) and Texas (Corpus Christi, Houston, Port Arthur and Longview). Its asphalt business produces and markets product in the Midwest. The biofuels business operates ethanol plants in Georgia (Camilla), Iowa(Arthur, Fairbank, Iowa Falls, Menlo and Shell Rock) and Nebraska (Fairmont) that have a combined annual capacity of 850 million gallons of ethanol, and a biodiesel plant in Nebraska (Beatrice), with an annual capacity of 50 million gallons of biodiesel.
Flint Hills Resources also owns or operates more than 4,000 miles of pipelines that transport crude oil, refined petroleum products, natural gas liquids and chemicals. More information at www.fhr.com.
SOURCE: Flint Hills ResourcesCopyright 2019 PR Newswire. All Rights Reserved