Colonial Announces Repurchase Of Company Shares Owned By ExxonMobil

ATLANTA, Ga. — Colonial Pipeline Company President and CEO David L. Lemmon today announced the repurchase of the portion of Colonial owned by ExxonMobil. Terms of the sale were not disclosed. Ownership will be divided proportionally among the now nine owners of Colonial. Colonial, a refined petroleum products pipeline, operates from Houston, Texas, across the south, and up the east coast to its termination in New York Harbor. 

“This is a strong statement of belief and commitment to our company and corporate growth strategy by our owners. I see this repurchase of our shares as reinvestment in the future of Colonial,” stated Lemmon. Owners of Colonial include Amoco Pipeline Holding Company, Atlantic Richfield, CITGO Pipeline, Conoco Pipe Line, Koch Petroleum, Marathon Oil, Phillips Petroleum, Equilon Enterprises LLC, and Union Oil Company of California. 

The sale of ExxonMobil ownership was required by the Federal Trade Commission’s approval of the ExxonMobil merger last year. Under the FTC ruling, ExxonMobil could choose to retain its ownership in either Colonial Pipeline Company or Plantation Pipe Line, companies which serve the same geographical areas. 

Based in Atlanta, Colonial provides a vital service to communities and businesses throughout Eastern United States. As an integral part of the nation’s transportation infrastructure, Colonial is focused on excellence in operations as we transport refined petroleum products. With a workforce of people dedicated to safe and environmentally-conscious operation, Colonial delivers a daily average of 80 million gallons of gasoline, diesel fuel, home heating oil, aviation and military fuels. 

As an industry leader, Colonial Pipeline is committed to a high standard of operational excellence. Our corporate vision is to be more than a pipeline company. We are driven to provide enhanced services to our customers in an ever-changing industry marketplace.