Husky Energy Closes on Acquisition of Superior Refinery
From Business North
Husky Energy has closed its acquisition of the petroleum products refinery in Superior, which can produce 50,000 barrels per day.
Most recently owned by Calumet Specialty Products, the facility increases Husky’s downstream crude processing capacity to approximately 395,000 barrels per day. In August, Husky said it had agreed to pay $435 million in cash (in U.S. dollars) for the refinery plus an additional payment for net working capital, inventories and reimbursement of certain capital spending.
Calgary-based Husky, which trades on the Toronto exchange under the symbol HSE, is retaining the existing workforce.
The Superior Refinery produces asphalt, gasoline, diesel and heavy fuel oils. The transaction includes the acquisition of the refinery’s associated assets and logistics, including two asphalt terminals, two product terminals, a marine terminal, 3.6 million barrels of crude and product storage and a fuels and asphalt marketing business.
The Superior refinery processes light and heavy crude oil from the Bakken shale formation in North Dakota and western Canada. The business also includes refinery terminal and truck/rail racks, two offsite asphalt terminals and truck racks, an offsite product terminal and truck rack, a marine terminal for refueling Great Lakes commercial vessels, a pipeline connection to the Magellan system, crude gathering assets in North Dakota, and rail assets. It has operated in Superior since 1951.