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.
Cautionary Statement:This announcement contains certain statements that are "forward-looking" statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934 concerning BP's evaluation of a MLP IPO. There can be no assurance that such an offering will be pursued or consummated. These statements contain words such as "intend," "will" and "expect" and can be impacted by numerous factors including the risk that the offering may not occur, the securities market generally, the market for BP's midstream assets and MLPs as an asset class, changes in laws including with respect to tax and regulatory matters and other risks. For more information concerning business risks that could affect BP’s midstream assets more broadly see BP's annual report on Form 20-F 2016 and periodic reports on Form 6K, filed with the Securities and Exchange Commission. We undertake no obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof.
