The facilities on the block include some markets previously identified as areas where Chevron will cease marketing randed products. However, there are also planned divestitures in areas where the company has not talked about withdrawals. Chevron does say that it intends to establish throughput agreements with new owners where terminals change hands, however.
The two largest terminals that will be shopped include a 580,000-b/d jet fuel terminal in Anchorage, Alaska, and a 570,000-b/d terminal in Louisville, Ky., that sells gasoline, diesel, jet fuel and avgas. Other terminals for sale include facilities in Albuquerque, N.M.; Tucson and Phoenix, Ariz.; Arcadia and Opelousas, La.; Montgomery, Ala.; Big Sandy, Texas; Chattanooga, Tenn.; Columbus and Macon, Ga.; and Lexington, Ky.
It is expected that many of the terminals will be sold iecemeal, although buyers in the southeast and Gulf Coast region might look to acquire multiple sites. With the exception of the Alaska property, Chevron is holding on to its very strategic locations on the West Coast.
Extensive packages of products terminals are already on the market via offerings from BP, Citgo, ConocoPhillips and ExxonMobil. Shell largely unloaded most of its terminals several years ago. There are plenty of buyers, however, thanks to the proliferation of Master Limited Partnerships that have made it plain that they intend to grow those entities through new construction and aggressive acquisition plans.