The Texas based firm will spend $700m to purchase integrated crude oil, natural gas and produced water gathering systems besides two natural gas processing facilities.
Located in North Dakota, the assets will be acquired from Whiting Oil and Gas Corporation, GBK Investments and WBI Energy Midstream.
The North Dakota gathering and processing assets include over 650 miles of crude oil, natural gas, and produced water gathering pipelines.
TLLP has also purchased terminalling and storage assets in Martinez, California from a subsidiary of Tesoro Corporation for $400m.
Both the acquisitions are also likely to aid TLLP’s distribution growth in the US.
TLLP's general partner chairman and CEO Greg Goff said: “These two acquisitions strengthen TLLP's portfolio of logistics assets that provide full-service capabilities to both upstream and downstream customers.”
"TLLP is on target to achieve its 2017 goal of $635m of net earnings and $1bn of annual EBITDA. Further, these assets provide optimization and organic investment opportunities that support future growth."
The acquisitions are subject to customary approvals and closing conditions, and are likely to be closed early in the first quarter of next year.
The company is expecting its distribution growth for next year to surge by 12-15% as a result of the transactions.
In July, Tesoro Logistics said that it would acquire storage and terminalling assets located in Alaska and owned by certain Tesoro Corporation subsidiaries for $444m.
Image: Tesoro headquarters in San Antonio, Texas. Photo: courtesy of uniquebuildings and Wikipedia.
