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
Oceaneering Won $200MM in Manufactured Products Contracts in Q4 2023
2024-02-05 - The revenues from Oceaneering International’s manufactured products contracts range in value from less than $10 million to greater than $100 million.
E&P Highlights: Feb. 5, 2024
2024-02-05 - Here’s a roundup of the latest E&P headlines, including an update on Enauta’s Atlanta Phase 1 project.
TotalEnergies Starts Production at Akpo West Offshore Nigeria
2024-02-07 - Subsea tieback expected to add 14,000 bbl/d of condensate by mid-year, and up to 4 MMcm/d of gas by 2028.
US Drillers Add Oil, Gas Rigs for Third Time in Four Weeks
2024-02-09 - Despite this week's rig increase, Baker Hughes said the total count was still down 138 rigs, or 18%, below this time last year.
NAPE: Turning Orphan Wells From a Hot Mess Into a Hot Opportunity
2024-02-09 - Certain orphaned wells across the U.S. could be plugged to earn carbon credits.