Tosco Corporation Completes Acquisition of The Wood River Refinery
The sale includes refining and chemical operations owned by Equilon or its affiliate companies, and excludes lubricants compounding and certain pipeline and transportation assets. Equiva Trading Company has reached long-term crude supply and products offtake agreements with Tosco to help meet Equilon's customer needs in Midwest markets.
Thomas D. O'Malley, Tosco's Chairman and Chief Executive Officer, said, "We are pleased to have again successfully closed a major transaction on schedule, as we have with our previous acquisitions. Tosco looks forward to adding this high-quality, 295,000 bpd refinery to our current mix of refineries and retail sites throughout the U.S., increasing our refining capacity by over 30% to 1.2 million bpd. We are now the third largest refiner in the country. We are also pleased to be entering a new refining area and to have Equilon as a long-term supplier and customer. We anticipate this acquisition, as with our previous acquisitions, will be immediately accretive to our earnings."
"Tosco continues to be interested in expanding its core business of refining and marketing, but will maintain its strict discipline of testing any potential acquisition to make sure it is accretive to earnings, and thus in the best interests of our shareholders."
Rob J. Routs, president and chief executive officer, Equilon, said, "Wood River employees have consistently performed their duties in a safe and professional manner, which is typical of the high caliber people at Wood River and throughout Equilon."
"I extend my appreciation to Wood River employees for their important contributions over the years and wish them well in their future service with Tosco," said Routs. "We look forward to continuing to work with Wood River through our business agreements with Tosco."
Edited by David Nakamura