Andeavor to Develop Fuel Storage Facility in Baja California
SAN ANTONIO, TEXAS - June 6, 2018 - Andeavor (NYSE: ANDV) today announced plans to build a refined products terminal at the Rosarito storage facility of Comisión Federal de Electricidad (CFE), in the state of Baja California. Under the terms of an agreement with CFEnergía a subsidiary of CFE, Andeavor will sign a long-term lease for the land and will construct and operate the facility, for a total investment of approximately $100 million. The infrastructure is expected to reduce Andeavor's cost to directly import fuels into Baja California supporting its growing network of ARCO® branded stations and other customers in Northwest Mexico.
"The expansion of our branded business in Mexico allows us to further extend our integrated West Coast value chain into this attractive and high growth geography." said Greg Goff, Chairman, President and CEO. "This logistics project will further strengthen Andeavor's ability to cost effectively deliver gasoline and diesel to our customers directly from our refineries on the West Coast."
Andeavor expects the redevelopment of the Rosarito facility to be complete in about two years, pending required regulatory approvals and permits.
Andeavor is a premier, highly integrated marketing, logistics and refining company. Andeavor's retail-marketing system includes more than 3,300 stores marketed under multiple well-known fuel brands, including ARCO®, SUPERAMERICA®, Shell®, Exxon®, Mobil®, Tesoro®, USA Gasoline(TM) and Giant®. It also has ownership in Andeavor Logistics LP (NYSE: ANDX) and its non-economic general partner. Andeavor operates 10 refineries with a combined capacity of approximately 1.2 million barrels per day in the mid-continent and western United States.
ARCO® is a trademark owned by Andeavor. ARCO® fueling stations offer quality TOP TIER(TM) gas at approximately 1,500 locations in five western U.S. states, including Arizona, California, Nevada, Oregon and Washington. In 2017, the ARCO® brand expanded into Mexico and now has approximately 67 stations in Baja California and Sonora.
Forward Looking Statements
This release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including without limitation statements concerning: our operational, financial and growth strategies, including the expansion of our investments and operations in Mexico, our ability to successfully effect those strategies and the expected results and timing thereof; and statements regarding the planned redevelopment of the CFE Rosarito Terminal, and the expected timing, cost and benefits thereof. For more information concerning factors that could affect these statements, see our annual report on Form 10-K, quarterly reports on Form 10-Q, and other filings with the SEC, available at www.andeavor.com. We undertake no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise.
Brad Troutman, Vice President, Investor Relations, (210) 626-4757
Andeavor Media Relations, email@example.com, (210) 626-7702