Jackson Walker represented NuStar Energy L.P. (NYSE:NS) in connection with the sale of terminals in Texas City, Texas, to BWC Terminals for $106 million. Announced on November 2, 2020, the transaction is expected to close in the fourth quarter of 2020 and proceeds will be used to improve debt metrics and self-funding of NuStar’s capital program.
In NuStar’s recent news release, President and CEO Brad Barron stated, “While the Texas City terminals are great assets with outstanding operations and employees, the location and unique configuration of these terminals are no longer synergistic with NuStar’s strategies for our other Gulf Coast assets. For this reason, we determined that the best path forward for the continued success of these facilities and NuStar is to allow them to be acquired by an entity that can take advantage of the terminals’ niche petrochemical and petroleum capabilities. We are pleased that BWC Terminals has just such a business model.”
“We determined that the best path forward for the continued success of these facilities and NuStar is to allow them to be acquired by an entity that can take advantage of the terminals’ niche petrochemical and petroleum capabilities.”
Based in San Antonio, NuStar Energy is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar has approximately 10,000 miles of pipeline and 75 terminal and storage facilities that store and distribute crude oil, refined products, and specialty liquids. The publicly traded master limited partnership’s combined system has approximately 75 million barrels of storage capacity with operations in the United States, Canada, and Mexico.
Representing NuStar was a Jackson Walker team led by Stephanie L. Chandler with assistance from Ann M. Leafstedt, John V. Jansonius, Chuck Campbell, Alyca Riley Garrison, Peter K. Wahl, John M. Ransom, Matthew J. Swantner, Julia W. Mann, Ruth S. Thomson, and Christopher A. Thompson. To explore Jackson Walker’s experience handling mergers, acquisitions, and divestitures for public companies and the Firm’s more than 100-year history representing pipeline and midstream clients, view the Corporate & Securities and Energy practice pages.
For more information about the transaction, read the following article:
- “NuStar Energy Announces Sale of Its Texas City Terminals to BWC Terminals,” Business Wire (November 2, 2020)
