QuikTrip Plans to Buy SemGroup Assets

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QuikTrip Plans to Buy SemGroup Assets

06/30/2009
TULSA, Okla. -- Tulsa companies QuikTrip Corp. and Magellan Midstream Partners LP will purchase much of the assets from bankrupt SemGroup LP's refined petroleum unit for a combined $37 million, officials told the Tulsa World.

Convenience store operator QuikTrip will spend $14 million for assets in Fort Worth, Texas, the report stated.

"It fits our long-term plans in the Dallas area," QuikTrip spokesman Mike Thornbrugh told the paper.

Fuel marketer Magellan, through its subsidiary Magellan Pipeline Co., would pay $23 million to buy terminal operations El Dorado, Kan., and Des Moines, as well as storage sites in Glenpool and west Tulsa, Okla., according to court records cited by the paper.

QuikTrip and Magellan, along with Wisconsin-based U.S. Oil Co. emerged as stalking horse bidders for three of SemFuel’s five asset groups, the World reported. The auction deadline for other bidders is July 27, and a judge will hear arguments on stalking horse transactions by July 14, the newspaper reported.

SemGroup LP filed for chapter 11 bankruptcy protection in July after its traders lost at least $2.4 billion in margins on oil futures positions, according to the report.

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