Release date: July 18, 2017
CHICAGO - BP announced today that it is evaluating the formation and initial public offering (IPO) of a master limited partnership (MLP) to enhance shareholder value and to support BP's strategy to grow its midstream business. The midstream assets that are being considered for initial contribution to the MLP are crude oil, natural gas and refined product pipelines located in the Midwest and on the U.S. Gulf Coast.
If BP ultimately determines to pursue the MLP IPO, an indirect, wholly-owned subsidiary, BP Midstream Partners L.P. (“BP Midstream Partners”), would file a Registration Statement with the U.S. Securities and Exchange Commission to initiate the regulatory process in the second half of this year. If an IPO is completed, BP would own the general partner of the MLP, all of its incentive distribution rights and a majority of its limited partner interests.
There can be no assurance that BP’s evaluation will lead to an IPO of the MLP or any other transaction. This announcement does not constitute an offer to sell, or the solicitation of an offer to buy, any securities. Any offers or solicitations of offers to buy or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended (Securities Act). This announcement is being issued pursuant to, and in accordance with, Rule 135 under the Securities Act.
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