SemGroup Energy Partners, L.P. (“SGLP”) (Pink Sheets: SGLP) today
announced that it filed its Quarterly Report on Form 10-Q for the
quarter ended September 30, 2008 and that it has recently completed the
execution of asphalt storage contracts or leases relating to 39 of its
46 owned asphalt facilities with various counterparties.
Asphalt Storage Contracts and Leases
“We are very pleased to announce that we have entered into storage or
lease agreements with 11 various counterparties for our asphalt
facilities. We believe our ability to get these facilities quickly under
contract highlights the strategic location and strong industry demand
for our asphalt and residual fuel oil assets,” stated Jerry Parsons,
Executive Vice President – Asphalt Operations.
SGLP will operate the facilities under the storage agreements and the
contract counterparties will operate the facilities under the lease
agreements. SGLP will receive storage fees or lease payments as
appropriate from the new counterparties and the agreements are effective
between May 1st and June 1st with terms extending
primarily through December 31, 2011. The revenues that SGLP will receive
pursuant to these leases and storage agreements will be less than the
revenues received under the Terminalling and Storage Agreement with
SemGroup, L.P.
Parsons further said, “We look forward to working with our new
counterparties in these terminal facilities and are also pleased that
the majority of the operational employees at the terminals will continue
to be employed by either SGLP or by the new third-party counterparties.
We continue to be in discussions with additional counterparties on the
remaining facilities not yet under contract and are hopeful we can
execute similar contracts on those locations in the near term.”
Kevin Foxx, Chief Executive Officer and President of SGLP’s general
partner added, “The asphalt contracts, in connection with our existing
crude oil storage, transportation and terminalling business further
stabilize our revenues, which we expect on a go-forward basis to be more
than 95% from third parties. We also wish to express our gratitude to
our new asphalt counterparties, existing crude oil customers and
approximately 400 employees for their continued support.”
Filing of Form 10-Q
SGLP today filed its Quarterly Report on Form 10-Q for the quarter ended
September 30, 2008.
