Energy Business Update: Forest Oil’s SAC INVESTMENT, Tesoro DIVESTS CA Assets

Trunkline, a division of Energy Transfer Partners, L.P. (NYSE:ETP), has denied claims that its proposed conversion of a natural gas pipeline through which to transport crude oil would cause supply shortages. The firm is the most recent participant in the contest to bring increasing amounts of crude from the northern United States and Canada to the Gulf Coast, by converting a natural gas pipeline to carry crude oil.

Shares of Forest Oil Corporation (NYSE:FST) continued Friday’s rise after hours, following word that Steve Cohen’s SAC Capital hedge fund has divulged a passive 5.41 percent investment in the firm. The 6.39 million-share position is a tremendous jump compared to the 11,600 shares the fund held as of June 30th.

Tesoro Corporation (NYSE:TSO) divests its Long Beach marine terminal and Los Angeles short-haul pipelines to Tesoro Logistics LP (NYSE:TLLP) at a price of $210 million. The asset sale comes after the former’s $2.5 billion offer to acquire BP’s (NYSE:BP) refinery in Carson, California, with an output of 266,000 barrels per day. Tesoro intends to integrate the Carson facility with its 97,000 barrels per day Wilmington, California, refinery and thus establish a West Coast refining empire.

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