Western Refining Logistics holds the midstream assets of Western Refining. The company owns and operates 300 miles of crude oil pipelines and crude oil storage facilities with a capacity of almost 7 million barrels. Its pipeline and storage facilities serve Western Refining’s two refineries in Texas and New Mexico. It also provides asphalt terminalling and processing services for Western Refining’s asphalt plants in Arizona, New Mexico, and Texas. Western Refining formed Western Refining Logistics in 2013 as a limited partnership, or an investment vehicle that is exempt from paying federal income tax. The company raised $303 million in its IPO, which it will use to pay off Western Refining in exchange for the pipelines and storage facilities.