<SEC-DOCUMENT>0000950123-11-032338.txt : 20110616
<SEC-HEADER>0000950123-11-032338.hdr.sgml : 20110616
<ACCEPTANCE-DATETIME>20110404083945
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-11-032338
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20110404

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TESORO LOGISTICS LP
		CENTRAL INDEX KEY:			0001507615
		STANDARD INDUSTRIAL CLASSIFICATION:	PIPE LINES (NO NATURAL GAS) [4610]
		IRS NUMBER:				274151603
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		19100 RIDGEWOOD PARKWAY
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78259
		BUSINESS PHONE:		210-626-6000

	MAIL ADDRESS:	
		STREET 1:		19100 RIDGEWOOD PARKWAY
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78259
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Tesoro Logistics LP<BR>
19100 Ridgewood Parkway<BR>
San Antonio, Texas 78259-1828</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">April&nbsp;1, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Via EDGAR and Facsimile</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549-4628

</DIV>
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    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
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<TR valign="bottom">
    <TD>Attn:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">H. Roger Schwall, Assistant Director</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Division of Corporation Finance</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Re:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Tesoro Logistics LP</B></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Amendment No. 2 to Registration Statement on Form S-1</B></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Filed March 14, 2011</B></TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Amendment No. 3 to Registration Statement on Form S-1</B></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Filed March 18, 2011</B></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>File No. 333-171525</B></TD>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below are the responses of Tesoro Logistics LP, a Delaware limited partnership (&#147;<B>we</B>&#148;
or the &#147;<B>Partnership</B>&#148;), to comments received from the staff of the Division of Corporation Finance
(the &#147;<B>Staff</B>&#148;) of the Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;) by letter dated March
25, 2011 with respect to the Partnership&#146;s Amendment No.&nbsp;2 (&#147;<B>Amendment No.&nbsp;2</B>&#148;) to the Registration
Statement on Form S-1 filed with the Commission on March&nbsp;14, 2011, and Amendment No.&nbsp;3 to the
Registration Statement on Form S-1 filed with the Commission on March&nbsp;18, 2011, File No.&nbsp;333-171525
(the &#147;<B>Registration Statement</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concurrently with the submission of this letter, we have filed through EDGAR Amendment No.&nbsp;4
to the Registration Statement (&#147;<B>Amendment No.&nbsp;4</B>&#148;). For your convenience, we have hand delivered
four copies of this letter, as well as four copies of Amendment No.&nbsp;4 marked to show all changes
made since Amendment No.&nbsp;2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For your convenience, each response is prefaced by the exact text of the Staff&#146;s corresponding
comment in bold text. All references to page numbers and captions correspond to Amendment No.&nbsp;4, unless otherwise indicated.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
April&nbsp;1, 2011

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Amendment No.&nbsp;3 to Registration Statement on Form&nbsp;S-1</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Exhibit&nbsp;10.8</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that you have filed a confidential treatment request with regard to omitted
portions of this exhibit to your registration statement. We will issue in a separate letter
any comments related to the request. Our review of your </B><B>Form S-1</B><B> will not be complete and we
will not be in a position to consider a request for accelerated effectiveness for the
registration statement until all issues, including the request, have been resolved.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Response</U>: We acknowledge the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Amendment No.&nbsp;2 to Registration Statement on Form&nbsp;S-1</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Statement of Estimated EBITDA, page 54</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that your Statement of Estimated EBITDA for the twelve months ending March&nbsp;2012
excludes the results for the interim period ended March&nbsp;31, 2011. In light of the planned
timing of your offering, please tell us how you intend to inform investors of your results of
operations and the sufficiency of the cash you generated or expect to generate to pay the
minimum distribution for the period ended March&nbsp;31, 2011.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Response</U>: We acknowledge the Staff&#146;s comment. We currently state in the Registration
Statement that we would have generated cash available for distribution sufficient to pay the
minimum quarterly distribution on all of our outstanding common and subordinated units for
the year ended December&nbsp;31, 2010 and that we believe that we will generate a sufficient
amount for the twelve months ending March&nbsp;31, 2012. As the substantial majority of both our
pro forma revenue for the year ended December&nbsp;31, 2010 and our forecasted revenue for the
twelve months ending March&nbsp;31, 2012 is generated under commercial agreements with affiliates
of Tesoro that we will enter into at the closing of this offering, we do not anticipate that
our pro forma results of operations or cash available for distribution for the quarter
ended March&nbsp;31, 2011 will be materially different than our pro forma results of operations
or cash available for distribution for the year ended December&nbsp;31, 2010 in terms of having
sufficient cash available to pay the minimum quarterly distribution. As a result, we do not
believe that the inclusion of additional pro forma results of operations for the quarter
ended March&nbsp;31, 2011 would materially enhance our existing disclosure.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, the inclusion of information for
the quarter ended March&nbsp;31, 2011 would
materially delay the anticipated launch of our offering early in the second quarter for no
material benefit to investors. As is common with businesses in industries such as ours, it
typically takes our accounting staff several weeks following the end of a quarter to close
our books and prepare quarterly financial statements with respect to that quarter.
Substantially delaying the offering in order to prepare this financial information would
create material uncertainty about our ability to commence and close the offering in a timely
fashion, but would be of no material benefit to investors.</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
April&nbsp;1, 2011

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moreover, due to the fact that our offering will close after the end of the quarter
ended March&nbsp;31, 2011, we will not be making a distribution to the purchasers in the
offering with respect to that quarter. As a result, the inclusion in our forecast of
financial information for the quarter ended March&nbsp;31, 2011 will introduce pro forma
financial information into our forecast for a historical period with respect to which the
purchasers in our offering will not be receiving a distribution.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finally, we would like to draw the Staff&#146;s attention to the fact that it is very common
for there to be a gap between the date of the last balance sheet included in the
Registration Statement and the beginning of the forecast period (which we refer to in this
letter as the &#147;<B>Gap Period</B>&#148;). Based on our review of the more than thirty most recent final
prospectuses for master limited partnership initial public offerings, the only two final
prospectuses we identified
that did not have a Gap Period were Cheniere Energy Partners, L.P. and
Energy Transfer Equity,&nbsp;L.P.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the reasons stated above, we believe that our presentation of pro forma cash
available for distribution for the year ended December&nbsp;31, 2010 and pro forma forecasted
cash available for distribution for the twelve months ending March&nbsp;31, 2012 adequately
informs investors of our ability to generate sufficient cash to pay the minimum quarterly
distribution on all of our outstanding common and subordinated units for the twelve month
period following the anticipated closing our initial public offering.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Certain Relationships and Related Party Transactions, page&nbsp;137</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your response to comment 13 in our letter dated March&nbsp;1, 2011 and your revised
disclosure that the annual corporate services fee is in addition to the expenses of your
general partner and your affiliates that are reimbursed under your partnership agreement.
Please tell us why such annual corporate services fee is not also described in the summary of
payments to be made by you under the heading &#147;Distributions and Payments to Our General
Partner and Its Affiliates&#148; at page 136.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Response</U>: We acknowledge the Staff&#146;s comment. We have revised the Registration
Statement accordingly. Please see page 138.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Master Terminalling Services Agreement, page 146</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please revise your filing to clarify your obligation under the master terminalling services
agreement to make available to Tesoro storage and throughput capacity at each respective
terminal. For example, we note that the term &#147;Stipulated Capacity of Products&#148; in Section&nbsp;4
of such agreement does not appear to be defined.</B></TD>
</TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>




<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Response</U>: We have revised the Registration Statement accordingly. Please see page&nbsp;149. In addition, the reference to the term &#147;Stipulated Capacity of Products&#148; in Section&nbsp;4
of the master terminalling services agreement should have referred to the term &#147;Stipulated
Volume of Products.&#148; We have revised the master terminalling services agreement accordingly and filed
the revised version with Amendment No.&nbsp;4.</TD>
</TR>



</TABLE>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
April&nbsp;1, 2011

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby acknowledge the Staff&#146;s closing comments to the letter and hereby undertake to
comply with the Staff&#146;s requests. Please direct any questions or comments regarding the foregoing
to the undersigned or to our counsel at Latham &#038; Watkins LLP, William Finnegan at (713)&nbsp;546-7410 or
Brett Braden at (713)&nbsp;546-7412.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
<BR>
<BR>
<B>TESORO LOGISTICS LP</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Tesoro Logistics GP, LLC,</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">its General Partner&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Charles S. Parrish
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Charles S. Parrish<BR>Vice President, General Counsel<BR>
and Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR></TR>
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<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">cc:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Parker Morrill (via facsimile (703) 813-6982)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">William N. Finnegan IV (Issuer&#146;s counsel)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Brett E. Braden (Issuer&#146;s counsel)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">David P. Oelman (Underwriter&#146;s counsel)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">D. Alan Beck (Underwriter&#146;s counsel)</TD>
</TR>
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</TABLE>
</DIV>



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