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Santa Fe Pacific Pipeline Partners Lp

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BUSINESS
October 25, 1997 | (Times Wire Services)
A shareholder of Orange-based Santa Fe Pacific Pipeline Partners LP, the largest independent pipeline carrier of petroleum in the West, has sued to block the $1.5-billion sale of the company to Kinder Morgan Energy Partners LP. Shareholder Myron Ruderman contends in his complaint filed in Delaware that the company's controlling partners breached their fiduciary duties in making the cash-and-stock deal.
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BUSINESS
April 25, 1997
Santa Fe Pacific Pipeline Partners L.P. said it is joining TransCanada Pipelines Ltd. in an $8.5-million venture to construct and operate a transmix processing facility at Santa Fe's Colton terminal. The facility, which is expected to start operating in early 1998, will convert transmix into finished petroleum products. Transmix is the mixture of gasoline and distillate products that occurs as a result of pipeline and terminal operations.
BUSINESS
April 11, 1997 | Times Staff and Wire Reports
Santa Fe Pacific Pipeline Partners LP said several major oil refiners have filed a complaint alleging that Santa Fe's pipeline rates in California are too high. The complaint, filed by Arco Products Co., Mobil Oil and Texaco Refining & Marketing Inc. asks the state Public Utilities Commission to reduce Santa Fe's rates for transporting refined petroleum products through its pipeline system in the state. If approved, a rate reduction would adversely affect the company's future revenue.
BUSINESS
January 10, 1997
Santa Fe Pacific Pipeline Partners L.P., which operates an independent refined petroleum products pipeline, reported net income of $52.3 million, or $2.64 a unit, for 1996, compared with $40.4 million, or $2.04 a unit, in 1995. The figures include $23 million last year and $34 million in 1995 for environmental and litigation costs. Revenue gained 3% to $240.1 million from $233.7 million. Net income for the fourth quarter totaled $5.4 million, or 27 cents a unit, contrasted with a net loss of $4.
BUSINESS
February 26, 1998 | John O'Dell
Santa Fe Pacific Pipeline Partners L.P. said the company and Kinder Morgan Energy Partners L.P. have agreed to settle two shareholder lawsuits that had been filed late last year to block Kinder Morgan's $1.5-billion acquisition of Santa Fe. One of the suits is pending in Orange County Superior Court, the other in state court in Delaware. Terms of the proposed settlement were not disclosed, but it would not change the financial terms of the proposed acquisition.
BUSINESS
December 23, 1998 | From Bloomberg News
Santa Fe Pacific Pipeline Partners LP won a judge's approval of a settlement of shareholder lawsuits spawned by Kinder Morgan Energy Partners' planned $1.49-billion purchase of Santa Fe. Houston-based Kinder Morgan Energy last year offered cash, stock and assumed debt equaling $55.34 per partnership unit for Orange-based Santa Fe, a shipper of fuel and owner of pipelines in six states.
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