Global Partners and Phillips 66 sign long-term crude oil contract
Global Partners LP, a Waltham company that owns, controls, or has access to a large terminal network of refined petroleum and renewable fuels products, said Tuesday that it has signed a five-year contract with Phillips 66 to deliver crude oil from North Dakota to a Phillips 66 refinery in New Jersey.
Global said it will use its rail transloading, logistics, and transportation system to deliver about 91 million barrels of crude oil to the Phillips 66 refinery in Bayway, N.J., over the life of the contract; that equates to approximately 50,000 barrels per day.
In a statement, Eric Slifka, president and chief executive of Global Partners, said, “Today’s announcement further enhances our position as a leader in transporting crude by rail from the mid-continent of the US and Canada to the East Coast.”
In Tuesday’s press release, Global Partners also announced that it is providing 2013 EBITDA guidance in the range of $175 million to $190 million. The partnership previously provided 2012 EBITDA guidance in November 2012 of $115 million to $130 million. The partnership said its guidance is partly based on its current business outlook.