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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported) -- July 12, 1996
MAPCO INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-5254 73-0705739
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
1800 South Baltimore Avenue
Tulsa, Oklahoma 74119
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (918) 581-1800
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Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
On July 12, 1996, MAPCO Inc. issued the following press release:
MAPCO INC. ANNOUNCES SALE OF COAL SEGMENT
Tulsa, Oklahoma, July 12, 1996: MAPCO Inc.(NYSE/MDA) announced today that it
has executed a final agreement for the sale of 100% of its Coal segment to The
Beacon Group Energy Investment Fund, L.P. The transaction is anticipated to
close within the next 30 days. Under the agreement MAPCO retains the
opportunity to participate in coal-related projects currently under
consideration in Indonesia.
The company also reported that second quarter results will reflect a non-cash
charge relative to the Coal divestiture of approximately $47 million after
taxes, or $1.63 per share. This charge will be partially offset by Coal
segment earnings through the closing date, which will be retained by MAPCO
under the sales agreement.
Commenting on the sale, James E. Barnes, MAPCO's Chairman, President and Chief
Executive Officer, said: "Completion of the Coal divestiture is a major step in
our strategic plan to focus MAPCO's financial resources on initiatives within
our core Natural Gas Liquids and Petroleum businesses. MAPCO is aggressively
pursuing opportunities to become the leading marketer of products and services
in targeted energy markets. The recently announced joint venture with Rexene
Corporation, which will promote our ability to market gas liquids in the
southwestern United States, Northern Mexico and on the Gulf Coast, reflects
this strategy."
The company indicated that an announcement concerning use of proceeds from the
Coal sale would be made in the near future.
The Beacon Group, a private investment firm in New York, manages The Beacon
Group Energy Investment Fund, L.P., a $658 million equity limited partnership
focused on strategic investments in the energy industry. In addition, it
manages The Beacon Group III-Focus Value Fund, L.P. and provides strategic
advisory services to public and private companies.
MAPCO is a diverse energy company whose principal businesses are conducted by
two operating subsidiaries. MAPCO NATURAL GAS LIQUIDS operates natural gas
liquids and ammonia pipelines, fractionation and storage facilities and
produces and markets natural gas liquids. MAPCO PETROLEUM operates refineries
and retail marketing networks through the Mid-South and Alaska systems.
MAPCO press releases are also available through the Internet:
http//www.mapcoinc.com
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
None.
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
MAPCO INC.
By: /s/ James N. Cundiff
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Name: James N. Cundiff
Title: Assistant General Counsel and
Assistant Secretary
Date: July 16, 1996
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