(Source: Tulsa World)
Truck-stop operator and petroleum producer Flying J has sold a pipeline subsidiary to Tulsa-based Magellan Midstream Partners.
The Houston-based subsidiary, Longhorn Pipeline Holdings LLC, operates a 695-mile, common carrier pipeline that delivers refined motor fuels from Gulf Coast refineries to El Paso.
The deal closed Wednesday for $250 million, plus the value of petroleum products in the pipeline, which were estimated to be worth about $100 million.
Magellan spokesman Bruce Heine says the company plans to expand in Texas. Most of Magellan's 8,500 miles of pipelines are in the Midwest.
Ogden, Utah-based Flying J, the pipeline and another subsidiary, Big West Oil LLC, filed for bankruptcy protection in December. The company plans to combine its gas stops with rival Pilot Travel Centers.
Originally published by Staff and Wire Reports.
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