Flint Hills Exploring Sale of Ingleside Crude Oil Export Terminal

Reuters, June 27, 2019

U.S. oil refiner Flint Hills Resources is exploring the sale of its crude export terminal near Corpus Christi, Texas, and has hired JP Morgan Chase to market the assets, the company said on Wednesday. Flint Hills, a unit of closely held Koch Industries Inc, may sell all the operation or seek a partner for the Ingleside, Texas, terminal. A spokesman declined to provide the sales price for the operation.

“We want to understand how the market values the asset and whether there is an opportunity to utilize the terminal better than we are today,” spokesman Andy Saenz said.

The Ingleside terminal connects to its own pipeline from the Eagle Ford in South Texas and to other lines owned by Phillips 66, Plains All American Pipeline LP and others. It is increasing storage capacity at the site by 1 million barrels to 3.5 million, and is raising the terminal’s vessel loading capacity from 200,000 barrels per day (bpd) to 380,000 bpd, the company said.

U.S. pipeline operator Enterprise Products Partners LP is looking to sell its 50% stake in a recently-completed Corpus Christi, Texas, crude export terminal, according to a marketing document viewed by Reuters.

(Reporting by Collin Eaton; Editing by Marguerita Choy)

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