SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
February 23, 1995
___________________
HOWELL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation or organization)
1-8704 74-1223027
(Commission File Number) (I.R.S. Employer Identification No.)
1111 Fannin, Suite 1500, Houston, Texas 77002
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (713) 658-4000
Item 5. Other Events
On February 23, 1995, the Registrant issued a press release announcing that
the Registrant had signed a Purchase and Sale Agreement with Exxon Pipeline
Company regarding the purchase of three crude oil pipeline systems. A copy of
the press release is enclosed herewith and incorporated herein by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
HOWELL CORPORATION
(Registrant)
Date: March 6, 1995 By /s/ Paul W. Funkhouser
Paul W. Funkhouser
President and Chief Operating Officer
HOWELL CORPORATION NEWS RELEASE
For Immediate Release Contact: Sandra M. Ryan
Manager, Investor Relations
(713) 658-4070
HOWELL TO ACQUIRE CRUDE OIL PIPELINES FROM EXXON
HOUSTON, TEXAS, February 23, 1995 -- HOWELL CORPORATION (HWL:NYSE;
HWLLP:NASDAQ) today announced the signing of a Purchase and Sale Agreement with
Exxon Pipeline Company (a subsidiary of Exxon Corporation - XON:NYSE) regarding
the purchase by Howell of three crude oil pipeline systems. The Purchase and
Sale Agreement is subject to customary due diligence and to regulatory review.
The closing of this transaction is currently contemplated to take place by March
31, 1995. When consummated, the acquisition of these pipeline assets will
account for over one-quarter of Howell's total assets.
The three systems are located in Texas, Louisiana, Mississippi, Alabama and
Florida and consist of:
- - approximately 900 miles of 2" to 16" diameter gathering and trunkline
pipelines;
- - approximately 2.5 million barrels of crude oil storage capacity;
- - approximately 200,000 barrels per day of throughput capacity; and
- - direct connection to six refineries, with access to numerous other markets.
The pipelines are located in areas strategic to Howell's existing
exploration, production, crude oil marketing and transportation operations.
Howell Crude Oil Company currently purchases, markets and exchanges almost
78,000 barrels per day of crude oil and condensate from about 400 operators and
marketers. Howell Transportation Services operates a fleet of crude oil
transport trucks currently gathering almost 28,000 barrels of crude oil per day
from producing leases for delivery into pipelines and final markets. Howell
owns or leases 32 automatic custody transfer (ACT) units adjacent to crude oil
pipelines, 10 of which are located on the three pipelines being acquired from
Exxon. ACTs are truck unloading stations that inject crude oil into pipeline
systems. The acquisition of the three pipeline systems will complement, and
will be complemented by, Howell's crude oil purchasing, truck gathering and
marketing activities.
Additional synergy will be derived from the fact that all three pipeline
systems are located in areas where Howell Petroleum Corporation has significant
exploration, development and production activities. Two of the systems traverse
Howell's mineral acreage in Alabama and Mississippi. This 875,000 net mineral
acreage position is the foundation for the company's exploration joint venture
with three industry partners. The joint venture has assembled and is actively
assembling exploratory drilling prospects in the general vicinity of these two
pipelines. Drilling and completion activities are currently underway on two
prospects, and several more are scheduled to begin drilling in the near future.
Howell Corporation is a diversified independent energy company engaged in
oil and gas exploration, production, marketing, transportation and
petrochemicals.
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