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.