BP Midstream Partners, the master limited partnership (MLP) formed by BP’s US pipeline unit, plans to list on the New York Stock Exchange under the symbol “BPMP,” it said in a filing with the US Securities and Exchange Commission.
BP Midstream said it intends to raise up to $100 million in the IPO.
The offering comes nearly two months after BP outlined plans to spin off some of its US pipeline assets in an IPO to raise cash.
An MLP is a tax-advantaged structure often used by pipelines and other capital intensive companies to distribute excess cash to investors in the form of tax-deferred dividends.
BP’s US pipeline business includes a network of 5,633km of pipelines and terminal facilities that transport and store more than 1.3m barrels per day of oil, refined products and natural gas. In addition to the Gulf Coast and Midwest assets, BP operates pipelines in the Pacific Northwest.