Western Refining Inc said it will sell two of its facilities in Virginia and a segment of its crude oil pipeline in New Mexico for $220 milion to the subsidiaries of Plains All American Pipeline.The transaction will help the company exit the volatile East Coast refining market, Chief Executive Jeff Stevens said in a statement.Under the agreement, Western refining will sell both its terminal and the idled refinery in Virgina and an 82-mile segment in a 424-mile crude oil pipeline in New Mexico to Plains Marketing and Plains Pipeline, the company said in a statement.The transactions are expected to close in the fourth quarter of 2011.
Western Refining, Inc. (WNR) is an independent crude oil refiner and marketer of refined products and also operates service stations and convenience stores. Shares of WNR remained unchanged at $11.89. In the past year, the shares have traded as low as $8.71 and as high as $21.75. On average, 3412910 shares of WNR exchange hands on a given day and today's volume is recorded at 3000.
