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Home | Tag Archives: Western Refining

Tag Archives: Western Refining

Western Refining MDA Fundraiser Underway, Donations Help Send Area Kids to MDA Summer Camp

Western Refining and its Howdy’s convenience stores in the El Paso area will help raise vital funds during the Muscular Dystrophy Association’s Summer Camp pinup program to help kids fighting muscular dystrophy and related life-threatening diseases experience a week of fun and friendship at MDA Summer Camp — all at no cost to their families.

“After another outstanding year in 2016 raising funds for MDA we have set an aggressive goal of $610,000 in 2017,” said R. C. Sprouse, Western Refining Vice President-Southwest Retail. “I challenge all of our store employees to work with our customers to exceed this goal which would make it the largest fundraiser for Western Refining and MDA ever.”

Through June 11, 38 Howdy’s convenience stores located in El Paso and the surrounding area will raise donations for MDA by selling paper pinups for $1, $5 or more to their generous customers.

Contributions will help send more than 50 local kids to kids to MDA Summer Camp at Manzano Mountain Retreat in Torreon, N.M.

 “This program gives Western Refining employees and customers the opportunity to make a great impact in the lives of individuals living with neuromuscular diseases throughout the Southwest,” said MDA Divisional Director Dave Bartels. “We’re looking forward to a successful campaign and we thank everyone who takes the time to make a donation in the next few weeks. MDA kids view summer camp as the ‘best week of the year’ and the community support absolutely makes that possible.”

Funds raised during the summer camp pinup program in West Texas help support MDA’s efforts to make each camp fully-accessible and medically-safe for its campers. They also help provide meals, 24-hour medical staff on site, lodging for the full week and offer customized activities, such as swimming, horseback riding, zip-lining, adaptive sports and more, so every child can fully participate in the camp experience and live unlimited.

Since first teaming up with MDA in 2013, Western Refining and its customers have raised nearly $2 million in support of MDA’s shared mission to find treatments and cures for people whose abilities to move have been compromised by neuromuscular disease – including everyday abilities like walking, running, hugging, talking and even breathing.

To learn more about the MDA Summer Camp program and how to get involved, CLICK HERE.

Tesoro to Buy El Paso-Based Western Refining for $4.1 Billion

Tesoro Corporation and Western Refining announced Thursday an agreement under which Tesoro will buy Western for $4.1 billion, based on Tesoro’s closing stock price of $85.74 on November 16, 2016.

According to a news release from Tesoro, the total sale represents an value of $6.4 billion, including the assumption of approximately $1.7 billion of Western’s net debt and the $605 million market value of non-controlling interest in Western Refining Logistics.

“This strategic combination provides our shareholders with the opportunity to participate in the tremendous future growth prospects and synergies of the combined company,” said Paul Foster, Executive Chairman of Western Refining. “Joining forces with Tesoro, a company that shares our integrated business model strategy, will enable us to further leverage our capabilities in refining, marketing and logistics operations and allow our talented team to work on a growing number of exciting opportunities. We have tremendous respect for the Tesoro team and are excited to be a part of a larger and more diverse organization to support our continued growth.”

El Paso Mayor Oscar Leeser released the following statement, regarding the sale:

“I believe the sale of Western Refining will bring new opportunities to our region as the combined companies will be able to leverage their assets during their expected growth. Western Refining has always been a great community partner here in El Paso, and as Mayor I want to formally welcome Tesoro to the Sun City.”  

It is unknown at this time what impact the sale will have on the local Western Refining workforce. This transaction has been unanimously approved by the boards of directors of both companies.

“The acquisition of Western further strengthens our integrated business model and extends our portfolio into attractive and growing markets,” said Greg Goff, Chairman and CEO of Tesoro. “As a leading integrated refining, marketing and logistics company, this transformative acquisition drives value through a combination of access to advantaged crude oil, a strong, multi-brand marketing and convenience store portfolio and a robust platform for logistics growth, all of which will allow us to continue to create shareholder value.”

“Also, our increased scale and diversity will enable us to leverage and enhance in-house technical capabilities, which we expect will result in cost efficiencies, the ability to drive more growth and increased productivity,” Goff continued.

Upon closing, Greg Goff will continue to serve as Chairman, President and Chief Executive Officer of the combined company. Steven Sterin will continue to serve as Executive Vice President and Chief Financial Officer.

Tesoro’s Board of Directors is also expected to expand the size of the Board and name Western’s current Executive Chairman, Paul Foster, and Western’s current Chief Executive Officer, Jeff Stevens, as directors after closing of the transaction.

The headquarters of Tesoro will remain in San Antonio, TX. Under the terms of the agreement, Western shareholders can elect to receive 0.4350 shares of Tesoro for each share of Western stock they own, or $37.30 in cash per share of Western stock.

According to Western Refining website, their refineries are located in El Paso, Gallup (NM) and St. Paul Park (Minnesota.)  In 1997 the company Refinery Holding was formed to manage the refineries; it purchased them outright in 2000. Western Refining purchased a pipeline system from Chevron capable of delivering 115,000 barrels of crude oil per day.

In 2006 it became a publicly traded company on the New York Stock Exchange.

The transaction is expected to close in the first half of 2017 and is subject to customary closing conditions, including approval by the shareholders of both companies and the receipt of regulatory approval.

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