Global Partners LP (NYSE: GLP) today announced the completion of its previously announced acquisition of a 60% membership interest in Basin Transload LLC (“Basin Transload”), which operates two crude oil transloading facilities in Columbus and Beulah, North Dakota with a combined rail loading capacity of 160,000 barrels per day. The purchase price, subject to post-closing adjustments, was approximately $85 million, which Global financed through an increase in its credit facility. “Basin Transload provides us with strategically located assets in the Bakken region,” said Eric Slifka, Global’s president and chief executive officer. “The facilities are in close proximity to key suppliers and producers in this high-growth area. Together, these facilities help form a network of unique origin and destination locations through which our customers can efficiently supply cost-competitive crude oil to destinations on the East and West coasts.” “The transaction complements our recently announced agreement to purchase a West Coast crude oil transload and ethanol facility near Portland, Oregon,” Slifka added. “That facility is linked via the BNSF Railway to the Beulah facility, where Basin Transload is constructing a 140,000 barrel tank and truck offloading rack to support crude oil production in the Williston Basin. Our Albany, NY terminal is connected via single line haul on Canadian Pacific to Basin Transload’s Columbus location, where we own and operate a 100,000 barrel storage tank and truck offloading rack.” “By directly addressing the lack of infrastructure in high-growth energy regions of the country, we are creating new opportunities to increase volume and margins by providing a wide range of value-added services, including leases, to producers and refiners,” Slifka concluded. The Basin Transload operations are expected to be accretive in the first full year of operation, based on their current and anticipated future performance as well as economic and market conditions. About Global Partners LP A publicly traded master limited partnership, Global Partners LP is a midstream logistics and marketing company. Global is a leader in the logistics of transporting Bakken and Canadian crude oil and other energy products via rail, establishing a ‘virtual pipeline’ from the mid-continent region of the U.S. and Canada to refiners and other customers on the East and West coasts. Global owns, controls or has access to one of the largest terminal networks of petroleum products and renewable fuels in the Northeast, and is one of the largest wholesale distributors of gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers in New England and New York. With a portfolio of approximately 1,000 locations in nine states, the Partnership is also one of the largest independent owners, suppliers and operators of gasoline stations and convenience stores in the Northeast. Global is No. 182 in the Fortune 500 list of America’s largest corporations.
Forward-looking StatementsSome of the information contained in this news release may contain forward-looking statements. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements, and may contain the words “may,” “believe,” “should,” “could,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “will likely result,” or other similar expressions. In addition, any statement made by Global Partners LP’s management concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects and possible actions by Global Partners LP or its subsidiaries are also forward-looking statements. Although Global Partners LP believes these forward-looking statements are reasonable as and when made, there may be events in the future that Global Partners LP is not able to predict accurately or control, and there can be no assurance that future developments affecting Global Partners LP’s business will be those that it anticipates. For additional information about risks and uncertainties that could cause actual results to differ materially from the expectations Global Partners LP describes in its forward-looking statements, please refer to Global Partners LP’s Annual Report on Form 10-K for the year ended December 31, 2011 and subsequent filings the Partnership makes with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made. Global Partners LP expressly disclaims any obligation or undertaking to update forward-looking statements to reflect any change in its expectations or beliefs or any change in events, conditions or circumstances on which any forward-looking statement is based.