Petroleum Bulk Stations and Terminals (U.S.) — NAICS 424710

An investor's primer for public-market and private investors

1. Overview

Every gallon of gasoline, diesel, jet fuel, heating oil, and propane that leaves a refinery has to be stored, blended, and handed off to the businesses that actually sell it. NAICS (North American Industry Classification System) code 424710 covers the middlemen who do that: petroleum bulk stations and terminals — the tank farms, loading racks, and wholesale fuel distributors that sit between the refinery and the corner gas station, the trucking fleet, the farm, and the home furnace [1].

Two very different businesses live under this one code, and telling them apart is the key to understanding it:

• Terminals — big, capital-intensive tank farms that receive fuel by pipeline, ship, barge, or rail, store it, and load it into trucks. This is a logistics/infrastructure business that earns fees, much like a toll road.
• Bulk stations and "jobbers" (independent petroleum marketers) — thousands of mostly family-owned distributors that buy fuel at the terminal "rack," truck it, and resell it to retailers and end users at a few cents of margin per gallon. This is a thin-margin distribution business.

Why an investor cares: this is essential, high-volume, cash-generating plumbing for the U.S. economy — but it faces a slow structural headwind (gasoline demand is plateauing) and is consolidating fast.

Ways in. Public investors mostly get exposure through diversified midstream energy companies where terminaling is one segment — there is no large, pure-play "bulk station" stock (details and tickers in Section 4). Private investors participate directly: buying or building a fuel-distribution ("jobber") business, a propane dealer, or investing through the infrastructure private-equity funds that now own several of the largest terminal networks.

2. What it is and how it's structured

Scope. NAICS 424710 comprises establishments with bulk liquid storage facilities that engage in the merchant wholesale distribution of crude petroleum and petroleum products, including liquefied petroleum gas (LPG, i.e. propane and butane) [1][2]. In plain terms: asphalt and liquid bulk stations, gasoline and heating-oil bulk plants, diesel and propane bulk stations, and product terminals [1]. The Census questionnaire distinguishes bulk terminals with at least 2.1 million gallons of storage from smaller bulk stations, while also treating facilities receiving product by tanker, barge, or pipeline as terminals at lower capacities [3].

What it excludes (adjacent codes). The classification is narrower than "everything oil":

• 424720 — Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals): wholesalers who don't operate bulk storage (e.g. packaged lubricants, fuel brokers) [1].
• 493190 — Other Warehousing and Storage: pure storage of petroleum without wholesale distribution [1].
• 324110 — Petroleum Refineries (making the fuel) and 486xxx — Pipeline Transportation (moving it long-haul) are upstream/adjacent, not in 424710.
• 457xxx — Gasoline Stations / Fuel Dealers (retail sale to the public) is downstream.

Operating model. A terminal receives product by pipeline, tanker, barge, rail, or truck; checks quality and specifications; segregates or commingles inventory in tanks; may blend gasoline components, ethanol, biodiesel, renewable diesel, or additives; and dispatches finished product through truck racks, rail loading, pipelines, or marine docks. Many terminals operate around the clock. Global Partners describes automated truck racks that control customer access, volumetric allocations, credit, carrier certification, blending, and additive injection; product ownership commonly changes at the rack flange when fuel enters a tanker truck [4]. Ethanol illustrates the terminal's value beyond storage: it is generally shipped separately from gasoline blendstock and blended near the point of distribution — the Department of Energy notes that more than 90% of ethanol moves by rail or truck because of its affinity for water and solvent characteristics in conventional pipelines [5].

Ownership mix — a barbell. The industry splits into:

1. A small number of large terminal and distribution networks — publicly traded midstream partnerships and corporations, refiners' captive logistics arms, and infrastructure private-equity funds.
2. A long tail of ~1,800 mostly private, often family-owned jobbers and propane dealers, plus farmer-owned cooperatives (CHS Inc., the largest U.S. agricultural cooperative, is a major fuel and propane distributor).

3. How big it is

Federal statistics for 424710 (U.S.):

Two numbers jump out. First, receipts per employee are about $16 million — roughly $1.1 trillion of sales spread across only ~67,000 workers [6][7]. That is not a sign of extraordinary profitability; it is the signature of a commodity pass-through business. Most of that "revenue" is simply the value of fuel flowing through, not value the industry adds. Independent bulk stations hold profit at only about 3–4% of revenue [8]. Second, average pay is roughly $95,000 per employee [7] — solidly middle-class, reflecting a small, skilled, capital-supported workforce (terminal operators, truck drivers, engineers) rather than a labor-intensive trade.

For context on how fragmented the tail is, the U.S. Small Business Administration treats a firm with up to 225 employees as "small" in this industry [9] — a bar the great majority of the ~1,855 firms clear.

Concentration. The four largest firms take 40.5% of receipts; the top 8, 57.4%; the top 20, 77.6%; the top 50, 88% [6]. The Herfindahl-Hirschman Index (HHI, a standard concentration measure) is 579.5 [6] — "unconcentrated" at the national level (U.S. antitrust agencies treat markets above ~1,800 as highly concentrated). But that national figure understates reality: fuel logistics is local — a terminal serves the trucks that can reach it in a day — so individual regional markets are far more concentrated than the national number suggests.

Undercount caveat — important here. The Census count understates the physical terminal footprint. Integrated refiners (Marathon, Phillips 66, Valero, Chevron, ExxonMobil) own large captive terminal networks that are typically classified under their primary business (refining or integrated petroleum), not under 424710. Meanwhile the U.S. Energy Information Administration (EIA) separately tracks roughly 1,400+ operable product terminals of 50,000 barrels or more [10] — a count of infrastructure that overlaps with, but does not map onto, the Census establishment count. And government/military fuel terminals (the Defense Logistics Agency) are not counted as business establishments at all. Read the federal figures as the merchant-wholesale slice, not the whole physical system.

4. The investable universe

There is no large pure-play "petroleum bulk station" stock. Public exposure comes through diversified midstream companies (where terminaling and fuel distribution are core segments) and propane distributors. Many are structured as master limited partnerships (MLPs) — pass-through entities that issue a Schedule K-1 tax form and pay high distributions — rather than ordinary corporations (which issue a 1099). (Figures below are approximate and as of mid-2026; treat scale as orders of magnitude, not precise.)

Major private and other owners (often larger than the public names in pure terminal terms):

• Buckeye Partners — taken private by infrastructure fund IFM Investors in 2019 for approximately $10.3 billion of enterprise value [17]; more than 130 liquid-petroleum terminals, ~125 million barrels of tank capacity [18].
• TransMontaigne Partners — owned by private-equity firm ArcLight Capital; large Gulf Coast/Florida terminal network [19].
• Refiner captive terminals — Marathon/MPLX, Phillips 66, Valero, Chevron, ExxonMobil, Motiva.
• CHS Inc. — farmer-owned cooperative; major fuel, refined-product, and propane distributor.
• Pilot (majority-owned by Berkshire Hathaway), Ferrellgas (FGPR, OTC), and thousands of independent family jobbers.

Takeaway: to own "terminals," you mostly buy a midstream MLP or C-corp; to own "bulk-station distribution," you either buy Sunoco/World Kinect/Global Partners at the public level or go private.

5. How the money works

The two halves of the industry earn money in completely different ways.

Terminals — a fee/toll business. Terminals generally do not own the fuel; they handle it for others. Revenue comes from:

• Throughput fees — a per-barrel charge for product delivered into and out of the tanks [20].
• Storage lease fees — customers rent tank capacity, frequently under take-or-pay or minimum-volume contracts that pay whether or not the customer uses the space [20]. Kinder Morgan reports its liquids terminals generally use long-term contracts under which customers pay whether or not they use the capacity, with a weighted-average remaining term of approximately two years at year-end 2025 [12]. ONEOK described approximately 90% of its Refined Products and Crude segment earnings as fee-based in its 2025 outlook [21]. These produce stable, often inflation-linked, contracted cash flows — the "toll road" quality investors prize.
• Ancillary services — blending (ethanol into gasoline, biodiesel into diesel), additization, heating, and dock/rail/truck loading fees.
• Episodic storage windfalls — when oil futures are in contango (future prices above today's), traders pay up to store barrels and sell them forward; storage lease rates spike, as they did dramatically in 2020 [20]. This is a bonus, not the base case.

Bulk stations / jobbers — a cents-per-gallon business. These firms do buy the fuel, at the terminal "rack" price, and resell it delivered. They earn a thin margin per gallon on very high volume — profit is roughly 3–4% of revenue [8], and fractions of a cent per gallon decide who wins. Global Partners' wholesale segment illustrates the pass-through economics: it generated $12.66 billion of sales but only $322 million of product margin in 2025 [4]. Levers include: buying well (rack prices move hourly), efficient trucking/freight, branding incentives from refiners, and higher-margin add-ons (lubricants, diesel exhaust fluid, cardlock fleet fueling, and — for heating-oil dealers — HVAC service contracts). Because they carry inventory, rising prices swell their working-capital needs and can squeeze or fatten margins quickly.

Propane is a seasonal, margin-per-gallon variant: demand is concentrated in winter heating, and dealers often own the tank at the customer's home, which creates switching-cost stickiness.

A structural detail worth knowing: the terminal rack is where federal and most state motor-fuel excise taxes attach (Internal Revenue Code §4081) [22]. Terminals and "position holders" are the government's tax-collection point, which is one reason the sector is tightly licensed and documented.

6. What drives demand

• Overall U.S. refined-product consumption — approximately 20.6 million barrels per day in 2025, including gasoline (8.9 million bpd), distillate fuel oil (3.9 million bpd), and jet fuel (1.7 million bpd) [23][24]. Volumes track miles driven, freight and trucking activity (diesel), air travel (jet), industrial output, and winter weather (heating oil and propane).
• Price volatility — swings in crude and product prices drive the storage/trading economics that make terminals more or less valuable, and they whip jobbers' working capital and margins [20].
• Fuel-blending mandates — the federal Renewable Fuel Standard and state low-carbon programs require ethanol and biodiesel/renewable-diesel blending, work that happens at terminals and adds fee income. EPA's final RFS standards established total applicable volumes of 26.81 billion RINs for 2026 and 27.02 billion for 2027, including biomass-based diesel totals of 9.07 billion and 9.20 billion RINs, respectively [25]. Terminals capable of blending these fuels can earn handling fees and create or separate RINs.
• The structural swing factor — gasoline is plateauing. EIA reports 2025 motor-gasoline consumption averaged 8.9 million barrels per day, down 1% from 2024 and 4% from 2019, because increasing fleet fuel economy more than offset higher vehicle-miles traveled [26]. EIA projects U.S. motor-gasoline consumption to fall about 1% in 2026 as vehicle efficiency gains and electric-vehicle (EV) adoption outrun growth in driving [27], and its long-run Annual Energy Outlook shows transportation-fuel demand declining for decades [28]. Diesel, jet fuel, and increasingly renewable diesel and sustainable aviation fuel (SAF) are more durable, which is why operators are repurposing gasoline tanks toward those products.
• Exports — U.S. gasoline, diesel, and jet-fuel exports averaged 2.4 million barrels per day in 2025, including 902,000 barrels per day of gasoline [29]. Export-capable Gulf Coast terminals have a different, more favorable demand outlook than inland gasoline racks.

7. Regulation

Bulk fuel storage is one of the most heavily regulated logistics niches, primarily on environmental and safety grounds:

• EPA Spill Prevention, Control, and Countermeasure (SPCC) rule — the core federal requirement for aboveground oil storage. Facilities above 1,320 gallons of aboveground capacity that could discharge to navigable waters must have a written SPCC plan (Professional-Engineer-certified above 10,000 gallons) and secondary containment (dikes/berms) around tanks; containment must generally accommodate the largest single tank plus precipitation freeboard [30][31].
• Tank integrity standards — API (American Petroleum Institute) Standard 653 governs inspection, repair, and reconstruction of large field-erected tanks; NFPA 30 (National Fire Protection Association) sets flammable-liquid fire codes.
• Air, water, and waste — Clean Air Act permits and vapor-recovery requirements on loading racks (volatile-organic-compound emissions), Clean Water Act, and RCRA (Resource Conservation and Recovery Act) hazardous-waste rules. EPA's 2024 gasoline-distribution rules tightened requirements for storage tanks, loading operations, vapor collection, equipment leaks, tanker vapor tightness, monitoring, and reporting; EPA estimated $75.8 million of industry capital cost (stated in 2021 dollars) [32][33][34].
• Underground storage tanks (USTs) — EPA/state UST programs (RCRA Subtitle I) and state cleanup funds for older buried tanks.
• Transportation safety — PHMSA (Pipeline and Hazardous Materials Safety Administration) oversees the pipelines feeding terminals and the hazmat rules for truck and rail movement; DOT hazardous-materials regulation governs delivery.
• OSHA Process Safety Management for large flammable-liquid inventories, plus local zoning and fire-marshal oversight.

The practical effect: compliance is a real fixed cost and a barrier to entry, and environmental liability (below) is the industry's defining risk.

8. Competitive dynamics and consolidation

Consolidation is the dominant theme, and it runs on both tiers.

Large terminal/midstream tier — a wave of mega-deals:

• ONEOK acquired Magellan Midstream in September 2023 for about $18.8 billion, folding one of the premier refined-product terminal and pipeline systems into ONEOK [35][36].
• Sunoco acquired NuStar Energy in May 2024 for about $7.3 billion, adding ~9,500 miles of pipeline and 63 terminal/storage facilities [37][38].
• Buckeye Partners was taken private by IFM Investors in 2019 for approximately $10.3 billion of enterprise value [17], and TransMontaigne by ArcLight Capital [19] — infrastructure private equity is now a major owner class, attracted by the stable, toll-like cash flows.

Distributor/jobber tier — a fragmented base of thousands of family firms is steadily rolling up. Aging owners, succession gaps, capital needs (tank upgrades, environmental compliance, renewable-fuel handling), and the complexity of fuel-tax and RIN (Renewable Identification Number) accounting all favor scale. Consolidators such as Sunoco, World Kinect, Global Partners, Pilot, and private-equity-backed platforms keep buying independents. Propane shows the same pattern, with AmeriGas (UGI), Suburban Propane, and Ferrellgas absorbing local dealers.

Competitive moats are mostly locational (a well-sited terminal is hard to replicate), plus contracts, permits, and customer switching costs (branded supply agreements, propane tank ownership). Once built, terminals benefit from scale because incremental barrels use much of the same site, control room, rack, and compliance infrastructure.

9. Risks

• Structural demand decline. Gasoline volume is flattening and set to fall as efficiency and EVs advance [26][27][28]. Gasoline-heavy assets face a long, slow fade; the offset is diesel, jet, and renewable fuels.
• Commodity-price volatility. Price swings whipsaw jobbers' working capital and margins and make terminal storage value feast-or-famine [20].
• Environmental liability. Spills, leaks, soil/groundwater contamination, and legacy-site remediation are the industry's signature exposure — potentially large, long-tailed, and expensive. Legacy contamination is particularly important in acquisitions because cleanup obligations may survive changes in ownership.
• Regulatory/compliance escalation. Tightening air, tank-integrity, and carbon/low-carbon-fuel rules raise fixed costs.
• Capital and interest-rate sensitivity. Terminals are capital-intensive; MLPs carry leverage and pay out most cash flow, and inventory financing is rate-sensitive.
• Weather. Warm winters cut heating-oil and propane demand. Hurricanes, flooding, storm surge, and freezes can disrupt operations and damage infrastructure.
• Safety and security. Fire/explosion catastrophe risk, and cyber risk to terminal and pipeline control systems (the 2021 Colonial Pipeline shutdown is the cautionary tale).
• Customer/supplier concentration. Regional operators can depend heavily on a few refiners or large customers; refinery or customer closures and contract roll-off pose risks.

10. How to invest, and the outlook

Public routes. Buy the diversified midstream MLPs and corporations from Section 4. Choices divide on structure and emphasis:

• Fee-based terminal exposure with lower commodity risk: ONEOK (OKE), Kinder Morgan (KMI), MPLX, Plains (PAA/PAGP), Phillips 66 (PSX).
• Fuel-distribution/marketing exposure: Sunoco (SUN), World Kinect (WKC), Global Partners (GLP).
• Propane/heating exposure: UGI (UGI), Suburban Propane (SPH).
• A tax note: MLP units (SUN, MPLX, GLP, DKL, SPH) generate a Schedule K-1 and often pay high distributions; the C-corps (OKE, KMI, PSX, WKC, UGI) issue an ordinary 1099. Match the wrapper to your account and tax situation, and look at distribution coverage and leverage rather than headline yield.

Private routes. This is where "pure" bulk-station investing actually happens:

• Buy or build a fuel-distribution (jobber) or propane business — a fragmented, cash-generative, roll-up-friendly space, priced on EBITDA multiples and gallons.
• Invest through infrastructure private-equity funds that own terminal networks (the IFM/Buckeye, ArcLight/TransMontaigne model).
• Branded distributorships under a refiner's flag, or cooperative membership (CHS-style) for agricultural fuel supply.

Outlook (forward-looking). The fee-based terminal core should stay resilient: contracted, toll-like, often inflation-linked cash flows that don't depend on any single fuel's fortunes, plus a genuine tailwind as tanks are repurposed for renewable diesel, SAF, ethanol, and other blendstocks. Diesel and jet demand look more durable than gasoline. Near-term, watch fuel-price volatility (which sets storage economics and jobber margins), winter weather (propane/heating oil), and the pace of the gasoline decline. The distribution/jobber tier faces thinner, more cyclical economics and a shrinking gasoline pool — but consolidation, scale, and add-on services are the proven ways operators keep growing earnings against a flat-to-declining volume backdrop. Net: a mature, essential, consolidating infrastructure sector — steady cash today, managed decline in its gasoline exposure, and optionality in the shift to lower-carbon fuels.

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Sources

1. IBISWorld. "NAICS Code 424710 — Petroleum Bulk Stations and Terminals" (industry definition and scope), 2024. https://www.ibisworld.com/classifications/naics/424710/petroleum-bulk-stations-and-terminals/
2. U.S. Census Bureau. "2022 NAICS Definition — 424710" (scope: establishments with bulk liquid storage engaged in wholesaling crude petroleum and petroleum products, including LPG). https://www.census.gov/naics/?details=42&input=42&year=2022
3. U.S. Census Bureau. "2022 Economic Census Questionnaire — WH-42471" (terminal vs. bulk-station classification thresholds). https://bhs.econ.census.gov/ombpdfs2022/export/2022_WH-42471_mu.pdf
4. Global Partners LP. "2025 Form 10-K" (54 terminals, 22.3M bbl capacity; automated rack operations; wholesale segment $12.66B sales / $322M product margin). https://www.sec.gov/Archives/edgar/data/1323468/000110465926021381/glp-20251231x10k.htm
5. U.S. Department of Energy, Alternative Fuels Data Center. "Ethanol Production and Distribution" (more than 90% of ethanol moves by rail or truck). https://afdc.energy.gov/fuels/ethanol-production
6. U.S. Census Bureau. "2022 Economic Census — Concentration by Largest Firms; Selected Statistics (NAICS 424710)," 2022 (receipts, firm count, CR4/CR8/CR20/CR50, HHI). https://www.census.gov/programs-surveys/economic-census.html
7. U.S. Census Bureau. "County Business Patterns (NAICS 424710)," 2023 (establishments, employment, annual payroll). https://www.census.gov/programs-surveys/cbp.html
8. IBISWorld. "Gasoline & Petroleum Bulk Stations in the US" (industry profit margin ~3–4% of revenue), 2026. https://www.ibisworld.com/united-states/industry/gasoline-petroleum-bulk-stations/988/
9. U.S. Small Business Administration. "Table of Small Business Size Standards" (424710 = 225 employees), 2023. https://www.sba.gov/document/support-table-size-standards
10. U.S. Energy Information Administration. "Petroleum Product Terminals" (U.S. Energy Atlas; EIA-815 Bulk Terminal report, ~1,400+ terminals ≥50,000 bbl). https://atlas.eia.gov/datasets/petroleum-product-terminals-1/about
11. ONEOK. "2025 Form 10-K" (53 refined-product terminals, 100M bbl operating storage in Refined Products & Crude segment). https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm
12. Kinder Morgan. "2025 Form 10-K" (47 liquids terminals, 78.7M bbl capacity; 24 dry-bulk terminals; long-term take-or-pay contracts, ~2-year weighted-average remaining term). https://www.sec.gov/Archives/edgar/data/1506307/000150630726000011/kmi-20251231.htm
13. Sunoco LP. "2025 Form 10-K" (83 terminals globally, 53 in continental U.S.). https://www.sec.gov/Archives/edgar/data/1552275/000155227526000021/sun-20251231.htm
14. Stock Analysis. "SUN Stock Overview" (FY2025 revenue ~$25.2B; record EBITDA ~$2.12B). https://stockanalysis.com/stocks/sun/
15. StockStory. "World Kinect (WKC) Research Report" (FY2025 revenue; global fuel distribution), 2026. https://stockstory.org/us/stocks/nyse/wkc
16. UGI Corporation / AmeriGas. "AmeriGas Partners Annual Report" (largest U.S. retail propane distributor; ~801M gallons FY2025); LP Gas "2026 Top Propane Retailers." https://www.ugicorp.com/
17. IFM Investors. "Buckeye Partners L.P. Agrees to Be Acquired by IFM Investors for $41.50 Per Common Unit" (~$10.3B enterprise value, 2019). https://www.ifminvestors.com/en-au/news-and-insights/media-centre/buckeye-partners-l.p.-agrees-to-be-acquired-by-ifm-investors-for-%2441.50-per-common-unit
18. Buckeye Partners. "Who We Are" (130+ liquid-petroleum terminals, ~125M bbl capacity). https://www.buckeye.com/who-we-are/
19. TransMontaigne Partners LLC. "About Us" (ArcLight Capital ownership; Gulf Coast/Florida terminal network), 2025. https://www.transmontaignepartners.com/about-us/
20. Insights Global. "Contango on the Horizon? Navigating the Turning Tide in Oil Storage Economics" (throughput fees, storage lease/take-or-pay, contango), 2024. https://www.insights-global.com/contango-on-the-horizon-navigating-the-turning-tide-in-oil-storage-economics/
21. ONEOK. "2025 Financial Guidance" (~90% of Refined Products and Crude earnings fee-based). https://www.sec.gov/Archives/edgar/data/1039684/000103968425000043/a2-24x25oke2025financial.htm
22. U.S. Internal Revenue Service. "Publication 510, Excise Taxes" (motor-fuel excise tax attaches at the terminal rack; IRC §4081). https://www.irs.gov/publications/p510
23. U.S. Energy Information Administration. "Frequently Asked Questions — How much petroleum does the United States consume?" (~20.6M bpd in 2025). https://www.eia.gov/tools/faqs/faq.php?id=33&t=9
24. U.S. Energy Information Administration. "U.S. Product Supplied of Petroleum Products" (2025: gasoline 8.906M bpd, distillate 3.894M bpd, jet fuel 1.725M bpd). https://www.eia.gov/dnav/pet/pet_cons_psup_dc_nus_mbblpd_a.htm
25. U.S. Environmental Protection Agency. "Final Renewable Fuel Standards for 2026 and 2027" (26.81B RINs for 2026, 27.02B for 2027; biomass-based diesel 9.07B/9.20B). https://www.epa.gov/renewable-fuel-standard/final-renewable-fuel-standards-2026-and-2027
26. U.S. Energy Information Administration. "Increasing fuel efficiency leads to decreasing gasoline consumption" (2025 gasoline 8.9M bpd, down 1% from 2024, 4% from 2019). https://www.eia.gov/todayinenergy/detail.php?id=67426
27. U.S. Energy Information Administration. "Short-Term Energy Outlook," April 2026 (gasoline consumption ~-1% in 2026; fuel-price forecasts). https://www.eia.gov/outlooks/steo/
28. U.S. Energy Information Administration. "Annual Energy Outlook 2026" (long-run transportation-fuel demand decline), 2026. https://www.eia.gov/outlooks/aeo/
29. U.S. Energy Information Administration. "U.S. petroleum product exports reached record high in 2025" (exports 2.4M bpd, including 902K bpd gasoline). https://www.eia.gov/todayinenergy/detail.php?id=67304
30. U.S. Environmental Protection Agency. "Does the Spill Prevention, Control, and Countermeasure (SPCC) Rule Apply to Your Facility?" (SPCC thresholds, P.E. certification, secondary containment). https://www.epa.gov/oil-spills-prevention-and-preparedness-regulations/does-spill-prevention-control-and-countermeasure
31. U.S. Environmental Protection Agency. "Secondary Containment for Each Container Under SPCC" (containment must accommodate largest tank plus precipitation freeboard). https://www.epa.gov/oil-spills-prevention-and-preparedness-regulations/secondary-containment-each-container-under-spcc
32. U.S. Environmental Protection Agency. "EPA Finalizes Commonsense Standards to Limit Air Toxic Pollution from Gasoline Distribution" (2024 rule announcement). https://www.epa.gov/newsreleases/epa-finalizes-commonsense-standards-limit-air-toxic-pollution-gasoline-distribution
33. U.S. Environmental Protection Agency. "Bulk Gasoline Terminals — New Source Performance Standards (NSPS)." https://www.epa.gov/stationary-sources-air-pollution/bulk-gasoline-terminals-new-source-performance-standards-nsps
34. U.S. Environmental Protection Agency. "Gasoline Distribution Final Rule Preamble" ($75.8M industry capital cost, 2021 dollars). https://www.epa.gov/system/files/documents/2024-03/8202_preamble_gasolinedistribution_final_20240226_admin_0.pdf
35. SEC / ONEOK. "ONEOK to Acquire Magellan Midstream Partners in $18.8 Billion Transaction" (Form 8-K exhibit 99.1), 2023. https://www.sec.gov/Archives/edgar/data/1126975/000119312523144060/d468098dex991.htm
36. ONEOK. "ONEOK and Magellan Midstream Complete Merger" (closing September 2023). https://ir.oneok.com/news-and-events/press-releases/2023/09-25-2023-134815200
37. C-Store Dive. "Sunoco strikes $7.3B fuels acquisition" (Sunoco–NuStar; 63 terminals, 9,500 miles pipeline), 2024. https://www.cstoredive.com/news/sunoco-fuels-acquisition-nustar/705157/
38. Sunoco LP. "NuStar Tax Information" (transaction closing May 2024). https://www.sunocolp.com/investors/nustar-tax-information