SAN ANTONIO – NuStar Energy LP is officially a wholly-owned subsidiary of Sunoco LP.
The San Antonio-based independent pipeline and terminal operator and the Dallas-based fuels distributor have officially closed a $7.3 billion merger, NuStar announced Friday in a news release.
Filings with the U.S. Securities and Exchange commission show the common units held by NuStar’s top executives have been converted into Sunoco common units. NuStar’s common units ceased trading on the New York Stock Exchange effective May 3.
Changes to NuStar’s website are already underway. Clicking on the “Careers” tab on NuStar’s homepage will now direct viewers to the homepage of Sunoco LP.
The merger close comes amid rising speculation that Sunoco may opt to close NuStar’s San Antonio headquarters and cut jobs. NuStar employs 500 people at its HQ and 1,200 overall.
NuStar Chairman, President and CEO Brad Barron will join Sunoco’s board of directors, according to the merger agreement. Meanwhile, NuStar’s other executives – Executive Vice President and Chief Administrative Officer Mary Rose Brown, Executive Vice President and Chief Financial Officer Tom Shoaf, Executive Vice President of Business Development and Engineering Danny Oliver and Executive Vice President of Strategic Development and General Counsel Amy Perry – will stay on temporarily with Sunoco to assist in the transition, Brown confirmed in a statement to the Business Journal.
“None of us expect to work for Sunoco long term,” she said.
Read the full stories and more stories like this in the San Antonio Business Journal.
Editor’s note: This story was published through a partnership between KSAT and the San Antonio Business Journal.