San Ffrancisco’s river water use restricted

28 Jun 2015 | Author: | No comments yet »

California Regulators Tell San Francisco To Stop Taking River Water.

SACRAMENTO, Calif. (AP) — Regulators on Friday told San Francisco to stop taking some of the river water it routinely stores in the Hetch Hetchy reservoir.State regulators Friday added to the growing list of water rights holders who have been told to stop drawing from rivers and streams as the drought shrivels summer flows. The State Water Resources Control Board ordered the cutback under its latest round of notices that waterways are too dry to meet demand in the drought. Officials said the cutback orders don’t apply to water already stored in the reservoir system, which has enough water to last through two more dry years.

San Francisco has numerous century-old rights to the Tuolumne River, including one established when the mayor famously nailed a notice on a tree in 1902. The action will have little practical effect on San Francisco because the city can continue to draw from its main water source, Hetch Hetchy Reservoir, which is 95% full, thanks in part to spring storms. Steve Ritchie, an assistant general manager of the San Francisco Public Utilities Commission, said the city will be “in good shape” even if the state orders an end to all of San Francisco’s diversions in the Tuolumne watershed this summer.

The state agency acknowledged that it should have curtailed those rights two weeks ago, when it delivered orders to those holding water rights from 1903 or later. The state has already ordered thousands of farmers and others with more recent rights to water from the Sacramento, San Joaquin and delta watersheds to stop pumping. Some irrigation districts with those prized claims are considering defying the water board and are challenging the cuts in court, saying the agency has no power to regulate their water use. Water rights in California are generally based on how long the person has been diverting the water, and senior rights – those held prior to 1914, when the system was formally established – have been considered largely immune to curtailment.

The district supplies water to farmers in three counties and to the 12,000 residents in the community of Mountain House. “Enough is enough,” said Russell Kagehiro, president of the district’s board, adding that California farmers feed the state and country. “It is irresponsible and unnecessary. But this month’s actions marked the first time since the 1976-77 drought that the state board has moved to stop withdrawals by senior diverters with rights more than a century old.

San Francisco is a member of the authority, but Ritchie said that if the city decides to challenge the state order, it would consider filing a separate lawsuit. In its lawsuit, Byron-Bethany said more than $65 million in crops will die if the state’s order is enforced. “The curtailment notice is nothing short of catastrophic,” said district President Russell Kagehiro in a press release.

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UPDATE 1-Western Refining to buy rest of Northern Tier

20 Jan 2016 | Author: | No comments yet »

JPMorgan Chase & Co. Upgrades Northern Tier Energy LP (NTI) to “Neutral”.

Under the deal, Northern Tier unit holders would receive $15 a unit in cash and 0.2986 Western Refining share for each common unit held, or roughly $26.21 a unit based on Monday’s close. EL PASO, Texas and TEMPE, Ariz., Dec. 21, 2015 (GLOBE NEWSWIRE) — Western Refining, Inc. (NYSE:WNR) and Northern Tier Energy LP (NYSE:NTI) today jointly announced that they have entered into a merger agreement whereby Western will acquire all of NTI’s outstanding common units not already owned by Western. Northern Tier Chief Executive Dave Lamp in prepared remarks Monday said that the MLP model “has not been rewarded by the equity market, as evidenced by the historical disconnect between NTI’s high yield and low unit price.” “With a simplified corporate structure and diverse geographic base, the new Western will be well positioned to unlock additional value for shareholders,” Mr. As an alternative to the cash and stock consideration, each NTI unitholder may elect to receive, per NTI unit, either $26.06 in cash or 0.7036 of a share of WNR.

Assuming completion of the proposed transaction, NTI will become a wholly-owned subsidiary of WNR and NTI common units will cease to be publicly traded. Jeff Stevens, President and CEO of WNR said, “The merger of Western and NTI will result in the combined entity owning three of the most profitable independent refineries on a gross margin per barrel basis, with direct pipeline access to advantaged crude oil combined with an integrated retail and wholesale distribution network. The terms of the merger agreement were approved by the WNR Board of Directors and the Conflicts Committee of the Board of Directors of NTI’s general partner, which negotiated the terms on behalf of NTI. Four investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock.

The call and slide presentation can be accessed on the Investor Relations section of Western’s website, www.wnr.com, and on the Investor Relations section of Northern Tier’s website at www.northerntier.com. The Company has refining, retail and logistics operations that serve the Petroleum Administration for Defense District II (PADD II) region of the United States. Goldman Sachs & Co. acted as financial advisor to Western, and Vinson & Elkins, Davis Polk & Wardwell and Richards Layton & Finger acted as legal counsel to Western. This press release includes “forward-looking statements” by Western (which are protected as forward-looking statements under the Private Securities Litigation Reform Act of 1995) and by NTI.

The Company’s retail segment operated 165 convenience stores under the SuperAmerica brand and also supported 89 franchised convenience stores, which are also operated under the SuperAmerica brand. These statements are subject to the risk that the merger is not consummated at all, including due to the inability of Western or NTI to obtain all approvals necessary or the failure of other closing conditions, as well as to the general risks inherent in Western’s and NTI’s businesses and the merged company’s ability to compete in a highly competitive industry.

If you are reading this article on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. In addition, Western’s and Northern Tier’s business and operations involve numerous risks and uncertainties, many of which are beyond Western’s and NTI’s control, which could materially affect their respective financial condition, results of operations and cash flows and those of the merged company.

The forward-looking statements are only as of the date made, and neither Western nor NTI undertake any obligation to (and each expressly disclaims any obligation to) update any forward-looking statements to reflect events or circumstances after the date such statements were made, or to reflect the occurrence of unanticipated events. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval in any jurisdiction where such an offer or solicitation is unlawful. Any such offer will be made only by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, pursuant to a registration statement filed with the SEC. The retail segment includes retail service stations, convenience stores, and unmanned fleet fueling locations in Arizona, Colorado, New Mexico, and Texas. Beyersdorfer (602) 286-1530 Michelle Clemente (602) 286-1533 Northern Tier Investor and Analyst Contact: Paul Anderson (651) 458-6494 Alpha IR Group (651) 769-6700 nti@alpha-ir.com Media Contact: Gary Hanson (602) 286-1777

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