Also from the PR:
“Global Partners delivered a solid performance in the first quarter,” said Eric Slifka, the Partnership’s President and Chief Executive Officer. “Each of our business segments posted double-digit percentage gains in net product margin in the quarter. Our performance was attributable primarily to our diverse product mix, our crude logistics activities and our additional station count related to gas stations and convenience stores acquired in March 2012.”
“We have broadened our single line haul origin-to-destination network through the addition of two key assets in North Dakota and Oregon that complement our existing crude-by-rail transload, logistics and storage capabilities,” Slifka said. “Among recent initiatives, we have expanded our relationship with Phillips 66 with the signing of a take-or-pay agreement which utilizes our crude-by-rail virtual pipeline system to transport crude oil from the mid-continent of the U.S. and Canada. To support our growing crude volumes and provide sourcing and purchasing optionality for our customers, we are expanding storage capacity at our North Dakota transloading facilities to a combined 550,000 barrels. At Columbus, ND, we are expanding from 100,000 barrels to 270,000 barrels and connecting this facility to the Tesoro Logistics’ High Plains Pipeline System. In Beulah, ND, we are building 280,000 barrels of storage. In Oregon, we recently completed the acquisition of Cascade Kelly Holdings, an ethanol production and crude-by-rail transload facility, providing Global with destination assets on the East and West coasts. Currently a major oil company is transloading crude oil through the facility.”
