Chevron Corp. (NYSE: CVX) announced that a wholly owned subsidiary, Chevron Pipe Line Co., has sold its 23.44 percent ownership interest in the Colonial Pipeline Co. to an affiliate of Kohlberg Kravis Roberts & Co. L.P. The sale closed on October 8, 2010.
Chevron said in March 2010 that it was pursuing marketing and possible sale of its interest in Colonial consistent with the company's ongoing efforts to align its portfolio of assets with its strategies.
Atlanta-based Colonial owns and operates a 5,500 mile (8,850 km) petroleum products pipeline system in the United States that transports products from supply centers on the Gulf Coast to customers located along the Eastern Seaboard. On average, Colonial delivers 100 million gallons (380 million liters) of gasoline, kerosene, diesel fuel, home heating oil and aviation fuels per day. Other shareholders include Koch (28.09 percent), ConocoPhillips (16.55 percent), Shell (16.12 percent) and IFM (15.80 percent).