![Global Partners Buys Four Liquid Energy Terminals from Gulf Oil](/sites/default/files/styles/hart_news_article_image_640/public/image/2024/04/global-partners-buys-four-liquid-energy-terminals-gulf-oil.jpg?itok=6YZtpN1A)
Global said the four terminals it purchased have a combined shell capacity of approximately 3 MMbbl. (Source: Shutterstock/ Global Partners)
Global Partners has closed an acquisition of four liquid energy terminals in New Jersey, Connecticut and Massachusetts in deals valued at $212.3 million.
Global Partners, a midstream and petroleum company, initially planned to purchase five terminals from Gulf Oil Ltd. Partnership for $273 million. However, after the deal was announced in December 2022, Global Partners amended its purchase agreement in response to concerns raised by the Federal Trade Commission and Maine’s attorney general.
At issue was an oil petroleum terminal in South Portland, Maine, that Global Partners agreed not to purchase, resulting in the acquisition tab falling by about $60.7 million.
Global said the four terminals it purchased have a combined shell capacity of approximately 3 MMbbl. They will expand Global’s ability to store and distribute gasoline, distillates and ethanol. Th acquisition aligns with Global’s strategy to acquire and invest in assets that allow the partnership to leverage scale from its integrated network in high demand markets, the company said in an April 9 press release.
“This acquisition further delivers on our commitment to strategic growth and our ability to identify and capitalize on assets that leverage our growing network,” said Eric Slifka, Global’s president and CEO.
Recommended Reading
Kimmeridge’s Mark Viviano on Reshaping the Energy Sector, SilverBow-Crescent Deal
2024-05-16 - Kimmeridge Energy Engagement Partners’ Mark Viviano says the company is evaluating the Crescent Energy and SilverBow Acquisition and how Kimmeridge played a key role in transforming the shale sector in this Hart Energy Exclusive interview.
SUPER DUG: Shale 4.0 Era about Building Scale- Rystad
2024-05-16 - The Shale 3.0 era or capital discipline era will be followed by the Shale 4.0 era, which will see companies focused on building scale, according to Rystad Energy Senior Shale Analyst Matthew Bernstein.
Adkins: Attacks on Fossil Fuels, Overregulation Poised to Backfire
2024-05-17 - Raymond James’ J. Marshall Adkins tells Hart Energy’s SUPER DUG conference attendees demonizing oil and gas, strenuous regulations and continued inflation are bound to have unexpected consequences for E&P opponents.
AI Highs: Corva Predictive Drilling Powers Oilfield Efficiency
2024-05-20 - The energy sector is buzzing with talk of artificial intelligence, and Corva is capitalizing on its ability to synthesize complex data to optimize drilling operations with predictive drilling software.