CrossAmerica Partners LP: CST Brands and CrossAmerica Announce Agreement Regarding California and Wyoming Fuel Supply
(Thomson Reuters ONE) -
CST Brands and CrossAmerica Announce Agreement Regarding California and Wyoming
Fuel Supply
* CrossAmerica and CST agree on $18.2 million refund for California and
Wyoming Fuel Supply
SAN ANTONIO, TX and ALLENTOWN, PA, July 7, 2016 - CST Brands (NYSE: CST) and
CrossAmerica Partners LP (NYSE: CAPL) ("CrossAmerica" or "the Partnership")
announced today that it has reached an agreement regarding the refund associated
with CST's sale of its California and Wyoming stores.
With today's announced closing of the sale of 79 California and Wyoming sites by
subsidiaries of CST Brands, Inc. to 7-Eleven, CST has agreed to compensate
CrossAmerica for the decrease in revenues related to its 17.5% interest in CST's
wholesale fuel business, CST Fuel Supply LP. CST and the Partnership have
agreed to a refund of a portion of the 2015 purchase price paid by the
Partnership for its ownership interest in CST Fuel Supply, as it relates to the
approximately 191 million gallons sold annually to the 79 California and Wyoming
sites that were sold to 7-Eleven. The total refunded consideration is
approximately $18.2 million.
The independent executive committee of the board of directors of CST Brands and
the independent conflicts committee of the board of directors of the general
partner of CrossAmerica have reviewed and approved the terms and amount of the
refund.
About CST Brands, Inc.
CST Brands, Inc. (NYSE: CST), a Fortune 500 Company, is one of the largest
independent retailers of motor fuels and convenience merchandise in North
America. Based in San Antonio, Texas, CST employs over 14,000 Team Members at
over 2,000 locations throughout the Southwestern United States, Georgia,
Florida, New York and Eastern Canada offering a broad array of convenience
merchandise, beverages, snacks and fresh food. In the U.S., CST Corner Stores
proudly sell fuel and signature products such as Fresh Choices baked and
packaged goods, U Force energy and sport drinks, Cibolo Mountain coffee, FC Soda
and Flavors2Go fountain drinks. In Canada, CST is the exclusive provider of
Ultramar fuel and its Dépanneur du Coin and Corner Stores sell signature Transit
Café coffee and pastries. CST also owns the general partner of CrossAmerica
Partners LP, a master limited partnership and wholesale distributor of fuels,
based in Allentown, Pennsylvania. For more information about CST, please visit
www.cstbrands.com.
About CrossAmerica Partners LP
CrossAmerica Partners is a leading wholesale distributor of motor fuels and
owner and lessee of real estate used in the retail distribution of motor
fuels. Its general partner, CrossAmerica GP LLC, is a wholly owned subsidiary of
CST Brands, Inc., one of the largest independent retailers of motor fuels and
convenience merchandise in North America. Formed in 2012, CrossAmerica Partners
LP is a distributor of branded and unbranded petroleum for motor vehicles in the
United States and distributes fuel to more than 1,250 locations and owns or
leases more than 800 sites. With a geographic footprint covering 29 states, the
Partnership has well-established relationships with several major oil brands,
including ExxonMobil, BP, Shell, Chevron, Sunoco, Valero, Gulf, Citgo and
Marathon. CrossAmerica Partners ranks as one of ExxonMobil's largest
distributors by fuel volume in the United States and in the top 10 for
additional brands. For additional information, please visit
www.crossamericapartners.com.
Contacts
Investors:
Randy Palmer, 210-692-2160
Karen Yeakel, 610-625-8005
Media:
Lisa Koenig, 210-692-2659
Forward-Looking Statements
This press release and any oral statements made regarding the subjects of this
release may contain forward-looking statements of CrossAmerica Partners, which
may include, but are not limited to, statements regarding CrossAmerica Partners'
plans, objectives, expectations and intentions and other statements that are not
historical facts, including statements identified by words such as "outlook,"
"intends," "plans," "estimates," "believes," "expects," "potential,"
"continues," "may," "will," "should," "seeks," "approximately," "predicts,"
"anticipates," "foresees," or the negative version of these words or other
comparable expressions. All statements addressing operating performance, events,
or developments that CrossAmerica Partners expects or anticipates will occur in
the future, including statements relating to the acquisitions, consideration
that may be subject to adjustment, and closing conditions, revenue growth and
earnings or earnings per unit growth, as well as statements expressing optimism
or pessimism about future operating results, are forward-looking statements.
The forward-looking statements are based upon CrossAmerica Partners' current
views and assumptions regarding future events and operating performance and are
inherently subject to significant business, economic and competitive
uncertainties and contingencies and changes in circumstances, many of which are
beyond each of the company's control. The statements in this press release are
made as of the date of this press release, even if subsequently made available
by CrossAmerica Partners on its website or otherwise. CrossAmerica Partners
does not undertake any obligation to update or revise these statements to
reflect events or circumstances occurring after the date of this press release.
Although CrossAmerica Partners does not make forward-looking statements unless
it believes it has a reasonable basis for doing so, the companies cannot
guarantee their accuracy. Achieving the results described in these statements
involves a number of risks, uncertainties and other factors that could cause
actual results to differ materially, including the factors discussed in this
report and those described in the "Risk Factors" section of the CrossAmerica
Partners' Form 10-K or 10-Qs filed with the Securities and Exchange Commission
as well as in CrossAmerica Partners' other filings with the Securities and
Exchange Commission. No undue reliance should be placed on any forward-looking
statements.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: CrossAmerica Partners LP via GlobeNewswire
[HUG#2027165]
Unternehmensinformation / Kurzprofil:
Datum: 07.07.2016 - 22:57 Uhr
Sprache: Deutsch
News-ID 482189
Anzahl Zeichen: 7458
contact information:
Town:
Allentown
Kategorie:
Business News
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