Williams Energy Partners and Tesoro Advise of Status of Pipeline Acquisition

TULSA, Okla. — As previously announced, Williams Energy Partners L.P. (NYSE: WEG) has agreed to purchase a refined petroleum products pipeline from Tesoro Petroleum Corporation (NYSE: TSO) for $110 million. This transaction is currently under review by the Federal Trade Commission (FTC).

Under terms of the agreement, Tesoro now has the right to enter into discussions with other potential buyers regarding an alternate transaction; however, Williams Energy Partners and Tesoro are continuing discussions with the FTC to obtain regulatory approval.

About Williams Energy Partners L.P. 

Williams Energy Partners L.P. was formed to own, operate and acquire a diversified portfolio of energy assets. The partnership primarily transports, stores and distributes refined petroleum products and ammonia. The general partner of WEG is a subsidiary of Williams, which moves, manages and markets a variety of energy products, including natural gas, liquid hydrocarbons, petroleum and electricity.

About Tesoro Petroleum Corporation 

Tesoro Petroleum Corporation, a Fortune 500 company, is an independent refiner and marketer of petroleum products and provider of marine logistics services. Tesoro operates six refineries in the western United States with a combined capacity of nearly 560,000 barrels per day. Tesoro's retail-marketing system includes nearly 750 branded retail stations; of which over 290 are company owned under the Tesoro and Mirastar brands.


Portions of this document may constitute “forward-looking statements” as defined by federal law. Such statements are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. These and other factors are set forth in filings with the Securities and Exchange Commission made by both Williams Energy Partners L.P. and Tesoro Petroleum Corporation. 


Contact Information:

Paula Farrell Williams Energy Partners Investor Relations 918-573-9233 paula.farrell@williams.com 
Susie Hereden Williams Energy Partners Media Relations 918-573-2278 susie.hereden@williams.com 

Contact Information:

Paula Farrell Investor Relations 918-574-7650 paula.farrell@magellanlp.com