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Press Release

 

Longhorn Recapitalization Closes

 

February 2, 2004 - Fieldstone acted as financial advisor on a recapitalization and restructuring of Longhorn Partners Pipeline, a  non-contracted refined petroleum products pipeline. The deal closed earlier this year and was done entirely as a private equity transaction bringing in several new investors.

 

Longhorn is developing a pipeline to transport gasoline, diesel and jet fuel from Gulf Coast refineries to terminals in the Permian Basin and the El Paso gateway market. From there the fuel products will be distributed to benefit consumers and businesses throughout West Texas, New Mexico and Arizona. Longhorn will also benefit California by reducing the need for its refineries to export products to Arizona.

 

The project has been in development since the mid 1990s. Its progress was repeatedly stalled by litigation, but in December 2003 the Fifth Circuit Court of Appeals ruled in its favor, saying that the environmental impact to be made by the pipeline would not be significant and allowed construction to proceed.

 

Longhorn Partners Pipeline is a limited partnership based in Dallas. Its partners have included Chisholm Holdings, a Dallas investment group, and affiliates of the Beacon Energy Fund, BP Pipelines, ExxonMobil Pipeline Company and The Williams Companies.