This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

United Refining Company Affiliate To Purchase Phillips 66's Long Island 5 Million Barrel Petroleum Terminal

Stocks in this article: PSX

In the news release, United Refining Company Affiliate to Purchase Phillips 66's Long Island 5 Million Barrel Petroleum Terminal, issued 09-Oct-2012 over PR Newswire, we are advised by a representative of the company that the source should have been "United Refining Company" rather than "Phillips 66" as originally issued inadvertently. The complete, corrected release follows:

United Refining Company Affiliate to Purchase Phillips 66's Long Island 5 Million Barrel Petroleum Terminal

The only deepwater loading and unloading platform on the US East Coast

HOUSTON, Oct. 9, 2012 /PRNewswire/ -- Phillips 66 (NYSE: PSX) and United Riverhead Terminal, Inc.,("URT"), an affiliate of United Refining Company of Warren, Pa., have entered into an agreement for URT to purchase Phillips 66's Riverhead, N.Y., marine petroleum terminal and associated assets. The transaction is expected to close at the end of October depending upon regulatory approval. The terms of the agreement were not disclosed.

The Riverhead terminal is located on the North Shore of Long Island, New York, approximately 80 miles east of New York Harbor.  The facility encompasses 280 acres and has over 5 million barrels of petroleum storage capability.  The Riverhead marine terminal is utilized as storage and transshipment hub for crude, heavy fuels, diesel and gasoline, and the offshore marine platform is the only deepwater loading/unloading platform on the US East Coast.  With an operating draft of 64ft, the terminal's offshore platform routinely receives Suezmax vessels and is capable of handling VLCC tankers.

"We are pleased to add the Riverhead Terminal to our operations," said John A. Catsimatidis, Chairman and Chief Executive Officer of United Refining Company. "We will be able to provide storage and terminaling services to a wide variety of customers throughout the world. Current Riverhead Terminal Supervisor Dan Gianfalla will continue to manage the facility for us with his highly trained crew."

"The sale of the Riverhead Terminal is part of Phillips 66's ongoing strategy to divest assets that do not fit with our long-term business objectives," said Tim Taylor, executive vice president, Commercial, Marketing, Transportation and Business Development for Phillips 66.

Moelis & Company served as advisor to United and Bank of America Merrill Lynch served as advisor to Phillips 66.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs