The deal comes at a time when Coastal is gearing up to merge with El Paso Energy Corp. Coastal Mart Inc. and Coastal Refining & Marketing Inc. are the holding subsidiaries for the properties in Colorado, Iowa, Kansas, Nebraska, Oklahoma, South Dakota and Wyoming plus 53-branded marketer accounts encompassing 205 locations in 13 states.
The transaction is pending due diligence and regulatory approvals. "The proposed sale stems from several changes in our mid-continent refining operations and business plans in recent years," says David A. Arledge, Coastal's chairman and CEO.
Coastal Corp. is a Houston-based energy holding company with consolidated assets of $16 billion and subsidiary operations in the exploration, production and distribution fields. It is scheduled to merge with El Paso Energy before the end of the year.
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