Economy

BP files for New York IPO of United States pipeline assets

PLC is moving forward with plans to float some of its vast network of USA pipelines in a move that would spin out cash from the company's infrastructure assets across America.

Oil giant BP is planning a multimillion dollar initial public offering of its USA pipeline assets on the New York Stock Exchange, the company confirmed on Monday (11 September). BP had flagged in July that it was considering such a spinoff and.

The IPO is expected to occur in the fourth quarter of 2017 depending on market conditions.

The plans were revealed in a regulatory filing by BP Midstream Partners LP, the company's master limited partnership (MLP) which includes its U.S. pipeline assets.

The midstream business will primarily house BP's Gulf Coast and Midwest assets, specifically its Gulf of Mexico pipelines, processing and storage capacity connecting its deepwater Gulf platforms to Louisiana, as well as its pipeline assets and more affiliated with its Whiting refinery in Indiana.

Oasis Midstream Partners LP, an MLP formed by Oasis Petroleum to own natural gas and oil assets in the Williston Basin, announced terms for its IPO on Monday. Citigroup, Goldman Sachs and Morgan Stanley are acting as book-running managers, and Citigroup is acting as structuring agent for the proposed offering.



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