Andeavor Completes Asphalt Terminals Acquisition
SAN ANTONIO, TEXAS - May 21, 2018 - Andeavor (NYSE: ANDV) today announced that it has completed the acquisition of the West Coast asphalt terminals of Delek US Holdings, Inc. (NYSE: DK) for a total consideration of $75 million, plus working capital. The assets, formerly the Alon Asphalt Company, include four wholly-owned terminals in Elk Grove, CA; Bakersfield, CA; Mojave, CA; and Phoenix, AZ; as well as 50 percent interest in the Paramount Nevada Asphalt Company joint venture terminal in Fernley, NV.
"This acquisition highlights our strategy of strengthening our integrated business model, allows for additional growth and enhances our refining margin capture," said Greg Goff, Chairman, President and CEO. "With a total asphalt capacity of more than 430,000 tons across ten terminals, we are well positioned to improve the value of heavy resid produced at our refineries ahead of IMO 2020 bunker fuel specification changes."
Andeavor is a premier, highly integrated marketing, logistics and refining company. Andeavor's retail-marketing system includes approximately 3,300 stores marketed under multiple well-known fuel brands, including ARCO®, SUPERAMERICA®, Shell®, Exxon(TM), Mobil(TM), Tesoro®, USA Gasoline(TM) and Giant®. It also has ownership in Andeavor Logistics LP (NYSE: ANDX) and its non-economic general partner. Andeavor operates 10 refineries with a combined capacity of approximately 1.2 million barrels per day in the mid-continent and western United States.
Forward Looking Statements
This release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including without limitation statements concerning: our operational, financial and growth strategies; expectations regarding the pending acquisition and future growth of the business, including the quality, capacity and capabilities of the assets to be acquired, the timing of the closing and certain expected financial benefits and value resulting from the acquisition. For more information concerning factors that could affect these statements, see our annual report on Form 10-K, quarterly reports on Form 10-Q, and other public filings and press releases, available at www.andeavor.com. We undertake no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise.
Brad Troutman, Vice President, Investor Relations, (210) 626-4757
Andeavor Media Relations, firstname.lastname@example.org, (210) 626-7702