BP to Spin Off Pipeline Business

Posted: Updated:
The new company would have an ownership interest in a pipeline connected to the BP refinery in Whtiing. (photo courtesy of our partners at The Times of Northwest Indiana) The new company would have an ownership interest in a pipeline connected to the BP refinery in Whtiing. (photo courtesy of our partners at The Times of Northwest Indiana)
CHICAGO -

BP PLC (NYSE: BP) says plans are moving forward to spin off a subsidiary with connections to its Whiting Refinery into its own publicly-held company. BP Midstream Partners LP has filed a registration statement with the U.S. Securities and Exchange Commission related to its proposed initial public offering.

BP says the IPO is expected to occur in the fourth quarter of 2017. BP Midstream Partners, which owns, operates and develops pipelines and other midstream assets, will be headquartered in Houston, Texas with offices in Chicago. If the IPO moves forward, the company's stock would trade on the New York Stock Exchange under the ticker symbol BPMP.

BP Midstream Partners' would have several initial assets following the IPO, including an ownership interest in an onshore diluent pipeline system which carries shipments to or from the Whiting Refinery. The company would also have ownership interests onshore crude oil and refined products pipeline systems and several offshore pipeline systems.

If the IPO is completed, BP says it would own the general partner of BP Midstream Partners.

  • Perspectives

    • School District Raises Questions About ILEARN

      Like all schools in Indiana, we were disheartened at the ILEARN results for school year 2018. We would like to raise several questions concerning this test as it relates to college and career readiness for our students. The annual Indiana Statewide Assessment (this year’s ILEARN) has been developed to evaluate college and career readiness at all levels tested. We are very troubled by our lack of understanding of what indicators in the test evaluate...

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Purdue University ranks #7 for Best Value in a college education in the U.S., according to the Wall Street Journal

      Two Indiana Schools Break Top 50 List of Best Colleges

      The Wall Street Journal and the Times Higher Education magazine have released their annual list of the top 801 colleges and universities in the country. Two Hoosier universities are included in the top 50.

    • School District Raises Questions About ILEARN

      Like all schools in Indiana, we were disheartened at the ILEARN results for school year 2018. We would like to raise several questions concerning this test as it relates to college and career readiness for our students. The annual Indiana Statewide Assessment (this year’s ILEARN) has been developed to evaluate college and career readiness at all levels tested. We are very troubled by our lack of understanding of what indicators in the test evaluate...

    • Purdue to Open Chick-Fil-A Amid Protests

      Citing overwhelming demand for Chick-fil-A’s food and services, Purdue University has announced it will allow the restaurant to open on campus. The university has been at the center of a debate over the Georgia-based food chain. 

    • Photo courtesy of Crestwood Village

      Justus Rental Properties Details Closures

      Indianapolis-based Justus Rental Properties, Inc. has announced it will be closing its assisted living service line at Crestwood Village West and Crestwood Village East. The company is also is in the process of selling the both communities.

    • (image courtesy of Pixabay/NIkolay Frolochkin

      State Revenue Ticks Higher in August

      Indiana revenue in August exceeded projections by nearly four percent. The Indiana State Budget Agency reports General Revenue funds last month hit $1.1 billion, 3.8 percent above projections. Sales tax revenue came in higher than anticipated at $693 million, more than three percent higher.