Tesoro Logistics, an affiliate of Tesoro Corporation, agreed to acquire QEP Field Services (QEPFS) Monday for $2.5 billion.
QEPFS is a wholly owned subsidiary of Denver-based QEP Resources.
The deal includes the 58 percent partnership stake in QEP Midstream Partners held by QEPFS.
Tesero said the acquisition will give it “access to strategically located, high-quality assets” gas gathering and processing facilities in northern Louisiana, North Dakota, the Uinta Basin and Rocky Mountains.
QEPFS holds a majority stake in the Rendezvous Gas Services partnership. Rendezvous gathers gas in western Wyoming for Pinedale Anticline and Jonah field producers and delivers it to multiple interstate pipelines.
QEPFS also owns a 38 percent interest in Uinta Basin Field Services and a 50 percent stake in Three Rivers Gathering.
Both companies operate gas gathering assets in eastern Utah.
Additionally, QEPFS owns and operates a 21 mile long, 20-inch pipeline that runs from the Blacks Fork gas processing plant complex in southwest Wyoming to the Muddy Creek compressor station near Lincoln County.
Tesoro Logistics is a master limited partnership formed by San Antonio-based Tesoro Corporation in 2011 to own, operate, develop and acquire crude oil and refined products logistics assets.
