Since last years separation from its Tulsa founder, the US-based bankrupt SemGroup, SemGroup Energy Partners neared insolvency as it struggled to generate new revenue streams separate from its former parent.
Now an arm of the international oil giant Vitol Group will buy the general partner of Tulsa-based SemGroup Energy Partners.
Vitol agreed to buy 12.6 million subordinated units of SGLP, more than a third of the 34.1 million outstanding.
With its Q2 financial report in August, SemGroup Energy claimed 81.3% of cash flow coming from third-party customers but its total revenue remained 32.1% below year-ago results, totaling only $37.5 million (25 million). That led to a $3.5 million net loss, down from a $21.6 million profit for the same period of 2008.
Vitol drew $191 billion of revenue last year from global transport of fossil fuels and other commodities. The Netherlands conglomerate moves more than 5 million barrels of crude daily, chartering a fleet of more than 3,000 ships annually.
Vitol will add a Florida seaport next year connecting to both a petroleum products storage terminal and pipeline. Adding SGLPs 6.7 million barrels of storage at Cushing, and 1.5 million in other parts of Oklahoma and Texas, would give Vitol a sizable facility for establishing central US resources.
SemGroup Energy also brings 1,150 miles of crude oil pipeline to the table across Oklahoma and Texas, as well as asphalt and fuel storage at 46 terminals across 23 states.