Global Partners has closed an acquisition of four liquid energy terminals in New Jersey, Connecticut and Massachusetts in deals valued at $212.3 million.
Global Partners, a midstream and petroleum company, initially planned to purchase five terminals from Gulf Oil Ltd. Partnership for $273 million. However, after the deal was announced in December 2022, Global Partners amended its purchase agreement in response to concerns raised by the Federal Trade Commission and Maine’s attorney general.
At issue was an oil petroleum terminal in South Portland, Maine, that Global Partners agreed not to purchase, resulting in the acquisition tab falling by about $60.7 million.
Global said the four terminals it purchased have a combined shell capacity of approximately 3 MMbbl. They will expand Global’s ability to store and distribute gasoline, distillates and ethanol. Th acquisition aligns with Global’s strategy to acquire and invest in assets that allow the partnership to leverage scale from its integrated network in high demand markets, the company said in an April 9 press release.
“This acquisition further delivers on our commitment to strategic growth and our ability to identify and capitalize on assets that leverage our growing network,” said Eric Slifka, Global’s president and CEO.
Recommended Reading
To Dawson: EOG, SM Energy, More Aim to Push Midland Heat Map North
2024-02-22 - SM Energy joined Birch Operations, EOG Resources and Callon Petroleum in applying the newest D&C intel to areas north of Midland and Martin counties.
US Raises Crude Production Growth Forecast for 2024
2024-03-12 - U.S. crude oil production will rise by 260,000 bbl/d to 13.19 MMbbl/d this year, the EIA said in its Short-Term Energy Outlook.
Exxon Ups Mammoth Offshore Guyana Production by Another 100,000 bbl/d
2024-04-15 - Exxon Mobil, which took a final investment decision on its Whiptail development on April 12, now estimates its six offshore Guyana projects will average gross production of 1.3 MMbbl/d by 2027.
Tethys Oil Releases March Production Results
2024-04-17 - Tethys Oil said the official selling price of its Oman Export Blend oil was $78.75/bbl.
Exxon Mobil Green-lights $12.7B Whiptail Project Offshore Guyana
2024-04-12 - Exxon Mobil’s sixth development in the Stabroek Block will add 250,000 bbl/d capacity when it starts production in 2027.