Sunoco Logistics Partners closes acquisitions of pipeline companies' interests
The following news release was issued by Sunoco Logistics Partners L.P.
PHILADELPHIA, Nov. 19, 2002 -- Sunoco Logistics Partners L.P. (NYSE: SXL) said today that it has completed its previously announced acquisitions of a 31.5 percent interest in Wolverine Pipe Line Company, a 9.2 percent of West Shore Pipe Line Company, and a 14 percent of Yellowstone Pipe Line Company, for $54 million, from an affiliate of Union Oil Company of California, and its previously announced acquisition of a 43.8 percent interest in the West Texas Gulf Pipe Line Company, for $10.6 million, from an affiliate of Sunoco, Inc. The effective date of these acquisitions is November 15, 2002.
Sunoco Logistics Partners L.P., headquartered in Philadelphia, was formed to acquire, own and operate Sunoco Inc.'s refined product and crude oil pipelines and terminal facilities. The Eastern Pipeline system consists of approximately 2,000 miles of primarily refined product pipelines. The Terminal Facilities consist of 7.8 million barrels of refined product terminal capacity and 14.2 million barrels of crude oil terminal capacity (including 11.2 million at the Texas Gulf Coast Nederland Terminal). The Western Pipeline System consists of approximately 2,750 miles of crude oil pipelines, located principally in Oklahoma and Texas. For additional information visit Sunoco Logistics' web site at www.sunocologistics.com.
NOTE: Those statements made in this release that are not historical facts are forward-looking statements intended to be covered by the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although Sunoco Logistics Partners L.P. (the "Partnership") believes that the assumptions underlying these statements are reasonable, investors are cautioned that such forward-looking statements are inherently uncertain and necessarily involve risks that may affect the Partnership's business prospects and performance causing actual results to differ from those discussed in the foregoing release. Such risks and uncertainties include, by way of example and not of limitation: increased competition; changes in demand for crude oil and refined products that we store and distribute; changes in operating conditions and costs; changes in the level of environmental remediation spending; potential equipment malfunction; potential labor relations problems; the legislative or regulatory environment; and plant construction/repair delays; nonperformance by major customers or suppliers; and political and economic conditions, including the impact of potential terrorist acts and international hostilities. These and other applicable risks and uncertainties have been described more fully in the Partnership's Third Quarter 2002 Form 10-Q filed with the Securities and Exchange Commission on November 8, 2002. The Partnership undertakes no obligation to update any forward-looking statements in this release, whether as a result of new information or future events.
Updated: November 2002