No. C.A. 18749.

781 A.2d 705 (2001)

In re: EXPLORER PIPELINE COMPANY, a Delaware corporation.

Court of Chancery of Delaware, New Castle County.

Decided: July 16, 2001.

Attorney(s) appearing for the Case

Peter J. Walsh, Jr., Esquire, John F. Grossbauer, Esquire, Kevin R. Shannon, Esquire, Michael A. Pittenger, Esquire, John M. Seaman, Esquire, and Rebecca L. Scalio, Esquire of Potter Anderson & Corroon, LLP, Wilmington, Delaware, Attorneys for Petitioner Explorer Pipeline Company.

Neal C. Belgam, Esquire, Michael D. DeBaecke, Esquire, Steven L. Caponi, Esquire and Elizabeth A. Wilburn, Esquire of Blank Rome Comisky & McCauley LLP, Wilmington, Delaware, and Alan M. Lieberman, Esquire of Blank Rome Comisky & McCauley LLP, Philadelphia, Pennsylvania, Attorneys for Respondent Marathon Oil.

Collins J. Seitz, Jr., Esquire and Samuel D. Brickley, II, Esquire of Connolly, Bove, Lodge & Hutz LLP, Wilmington, Delaware, and John G. Harkins, Jr., Esquire, Eleanor Morris Illoway, Esquire, David J. Creagen, Esquire and David W. Engstrom, Esquire of Harkins, Cunningham, Philadelphia, Pennsylvania, Attorneys for Respondent Sun Pipe Line Company of Delaware.

Richard H. Morse, Esquire of Young, Conaway, Stargatt & Taylor, LLP, Wilmington, Delaware, and Nathan P. Eimer, Esquire, Pamela R. Hanebutt, Esquire, Adam M. Deutsch, Esquire, and Vanessa G. Jacobsen, Esquire, of Eimer, Stahl, Klevorn and Solberg, Chicago, Illinois, Attorneys for Respondent CITGO Pipeline Company.

Paul M. Lukoff, Esquire and David E. Brand, Esquire, of Prickett, Jones & Elliott, Wilmington, Delaware, Attorneys for Respondents Equilon Pipeline Company and TRMI Holdings, Inc.

Lawrence C. Ashby, Esquire, Philip Trainer, Jr., Esquire and Carolyn S. Hake, Esquire of Ashby & Geddes, Wilmington, Delaware, Attorneys for Respondent Chevron Pipeline Company.

Charles F. Richards, Jr., Esquire, J. Travis Laster, Esquire and Andrea Short, Esquire of Richards, Layton & Finger, Wilmington, Delaware, Attorneys for Respondent Conoco Pipeline Company.

Brett D. Fallon, Esquire, Morris, James, Hitchens & Williams, Wilmington, Delaware, Attorney for Respondent Phillips Investment Company.


NOBLE, Vice Chancellor.


Petitioner Explorer Pipeline Company ("Explorer") owns and operates a pipeline system for delivery of petroleum products from the Gulf Coast to the Midwest. Explorer's board has approved a major expansion of its pipeline throughput capacity, the cost of which will significantly exceed $100 million. Explorer proposes to finance the expansion project through an operating lease format. The...

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