An Ogden, Utah company is hoping to benefit from an interest in American energy production by going public. Big West Oil (desired stock symbol BWO) filed for an IPO. Big West is a subsidiary of Flying J Inc., a privately held oil company. The Houston Chronicle reports on the assets of Big WestOil:
Photo:crumplerguy, Creative Commons, Flickr
Big West's assets will consist of a 35 percent interest in Big West Oil Operating LP (OPCO), while Big West's parent will own the remaining 65 percent interest. OPCO will process black wax and yellow wax crude oils. Black wax and yellow wax crude oils have generally been less expensive than other benchmark light crude oils and produce a high percentage of light, high-value refined products, according to the filing.
Big West is obviously hoping that a higher-value product will draw more investors and help the share price. UBS (UBS), Citi (C) and Lehman Brothers (LEH) are underwriting the offering. No expected price range has been estimated, and Big West Oil is offering 8.1 million common units in its IPO.
Disclosure: I invest in none of the companies listed above but I do have Citi bank accounts. I will not be investing in BWO.