Fuel oil delivery firm Griffith Energy Services, a subsidiary of CH Energy Group, Inc., on Nov. 4 announced the sale of its operating divisions serving markets in Rhode Island, Connecticut, and Pennsylvania, to Canada-based Superior Plus as part of a strategic streamlining that it said will allow the firm to reduce the volatility of cash flow and focus on its Mid-Atlantic operations.

Superior Plus is acquiring approximately 47,000 customers in the deal and will pay Griffith $76 million, before closing adjustments. The sale, which is subject to customary closing conditions, is expected to be completed in December.

“The transaction follows an approximately year-long strategic review of how not only to best optimize Griffith’s strengths in its most advantageous markets, but also to ‘right size’ the investments we hold in the fuel oil delivery industry within CH Energy Group’s portfolio of business units,” said CH Energy Group Chairman, President and CEO Steven V. Lant.

Buckeye Partners, L.P.’s recent announcement to purchase refined products pipelines and storage in the Midwest from ConocoPhillips augments the partnership’s existing asset base, Bank of America Merrill Lynch said in a note to clients.

“We estimate the acquisition to be modestly accretive to LP unitholders and understand the acquisition to be strategic for BPL as it furthers BPL's terminalling presence in the Midwest and complements BPL's existing assets in the region,” the note read.

Additionally, BofA said that the partnership’s management expects to see additional acquisition opportunities in the future due to the “current trend of integrated oil companies divesting midstream assets in order to redeploy capital into core, upstream operations.”