Andeavor Logistics acquired Western Refining Logistics for $5.6bn.

Andeavor Logistics, US pipeline operator has acquired Western Refining Logistics for $1.5bn. Andeavor Logistics plans to spend at least $500 to $600m per year on organic growth and acquisitions with a current two-year backlog of $800 to $900m of identified organic growth projects. The entry into the prolific Permian Basin positions Andeavor Logistics to capture additional organic growth opportunities. "We are excited about the completion of Andeavor Logistics' acquisition of Western Refining Logistics and the IDR buy-in. These transactions reduce our cost of capital, improve our financial strength and position the business for continued strong growth. These transactions also strengthen the credit profile of Andeavor Logistics and position it for an investment grade credit rating as well as create significant value for Andeavor shareholders and Andeavor Logistics unitholders." Greg Goff, Andeavor Chairman and Chief Executive Officer.