Tesoro Closes Acquisition of Alaskan Terminals from Flint Hills Resources

Tesoro Corporation, through its affiliates Tesoro Alaska Company LLC and Tesoro Alaska Terminals LLC, has acquired Flint Hills Resources' (FHR) wholesale marketing and logistics assets in Anchorage and Fairbanks, Alaska.  The purchased assets include:

• all FHR wholesale fuel marketing contracts in Alaska;
• an Anchorage terminal with 580,000 barrels of total in-service storage capacity, a truck rack, and rail loading capability;
• a Fairbanks airport terminal that includes 22,500 barrels of in-service jet fuel storage and truck rack; and
• a multi-year terminalling agreement at FHR's North Pole terminal, which will provide efficient rail offload capabilities and provide Tesoro access to Alaska's Interior.

The former FHR North Pole refinery is not part of this acquisition.

"This acquisition enhances our capabilities to efficiently and reliably serve our customers in the state of Alaska," said Greg Goff, Chairman, President and Chief Executive Officer of Tesoro Corporation. The rail loading capabilities gained through this acquisition improves Tesoro's ability to serve customers in the Alaska interior from Anchorage. 

About Tesoro

Tesoro Corporation, a Fortune 100 company, is an independent refiner and marketer of petroleum products. Tesoro, through its subsidiaries, operates six refineries in the western United States with a combined capacity of over 875,000 barrels per day and ownership in a logistics business, which includes a 36% interest in Tesoro Logistics LP and ownership of its general partner.