SU » Topics » 12. Acquisition of Refinery and Related Assets

This excerpt taken from the SU 6-K filed Jan 27, 2006.

12.  Acquisition of Refinery and Related Assets

 

On May 31, 2005, the company acquired all of the issued shares of the Colorado Refining Company, an indirect wholly-owned subsidiary of Valero for cash consideration of $37 million.  Additional payments for working capital and associated inventory brought the total purchase price to $62 million.  The acquired company’s principal assets are a Denver refinery and a products terminal located in Grand Junction, Colorado.  The allocation of fair value to the assets acquired and liabilities assumed was $79 million for property, plant and equipment, $30 million for inventory, and $41 million for environmental liabilities assumed.  The fair value assigned to other liabilities was $6 million.  The acquisition was accounted for by the purchase method of accounting.

 

The results of operations for these assets have been included in the consolidated financial statements from the date of acquisition.  The new operations have been reported as part of the Refining and Marketing – U.S.A. segment in the Schedules of Segmented Data.

 

This excerpt taken from the SU 6-K filed Oct 28, 2005.

10. ACQUISITION OF REFINERY AND RELATED ASSETS

 

On May 31, 2005, the company acquired all of the issued shares of the Colorado Refining Company, an indirect wholly-owned subsidiary of Valero for cash consideration of $37 million. Additional payments for working capital and associated inventory brought the total purchase price to $62 million. The acquired company’s principal assets are a Denver refinery and a products terminal located in Grand Junction, Colorado. The preliminary allocation of fair value to the assets acquired and liabilities assumed was $79 million for property, plant and equipment, $30 million for inventory, and $41 million for environmental liabilities assumed. The fair value assigned to other liabilities was $6 million. The acquisition was accounted for by the purchase method of accounting.

 

The results of operations for these assets have been included in the consolidated financial statements from the date of acquisition. The new operations have been reported as part of the Refining and Marketing — U.S.A. segment in the Schedules of Segmented Data.

 

This excerpt taken from the SU 6-K filed Jul 27, 2005.

10. ACQUISITION OF REFINERY AND RELATED ASSETS

 

On May 31, 2005, the company acquired all of the issued shares of the Colorado Refining Company, an indirect wholly-owned subsidiary of Valero for cash consideration of $37 million. Additional payments for working capital and associated inventory brought the total purchase price to $62 million. The acquired company’s principal assets are a Denver refinery and a products terminal located in Grand Junction, Colorado. The preliminary allocation of fair value to the assets acquired and liabilities assumed was $79 million for property, plant and equipment, $30 million for inventory, and $41 million for environmental liabilities assumed. The fair value assigned to other liabilities was $6 million. The acquisition was accounted for by the purchase method of accounting.

 

The results of operations for these assets have been included in the consolidated financial statements from the date of acquisition. The new operations have been reported as part of the Refining and Marketing – U.S.A. segment in the Schedules of Segmented Data.

 

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