Pillsbury Law

The Big Deals in Energy: Transactions with Master Limited Partnerships

For more than 100 years, Pillsbury has represented major oil and gas companies their corporate, regulatory and litigation needs. Most recently we have handled several high-profile transactions with master limited partnerships (MLPs) in this sector.

First, Pillsbury represented Tesoro in the $2.5 billion purchase of BP’s Carson refinery in Southern California, along with over 800 gas stations in California, Nevada and Arizona that will continue using the ARCO brand name. Pillsbury organized a cross-practice team of lawyers based in Houston, San Francisco and Los Angeles to advise Tesoro on many aspects of the acquisition. With this deal, Tesoro became the largest refiner of motor fuels in California and one of the largest in the United States. The transaction involved asset and service deals between our client Tesoro and Tesoro’s affiliated MLP.

Soon thereafter, we represented El Paso-based Western Refining in its $775 million acquisition of a controlling interest in Northern Tier Energy, a Connecticut-based MLP with a refinery in St. Paul, Minnesota, and more than 230 service stations under the SuperAmerica brand. Pillsbury attorneys from Houston, San Francisco, Los Angeles and New York worked intensively for six weeks from letter of intent to closing, which enabled Western to expand into the Mid-Atlantic and Upper Midwest with a total network of 458 retail gas and convenience stores.