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n December 1988, Stratus Petroleum Corp. ( Stratus ) acquired the wholesale Petroleum Marketing and Distribution Division of Tenneco Inc. The fixed assets acquired by Stratus included 22 clean petroleum products terminals serving markets in 23 states. Of the 22 terminals, 15 were owned by the Southern Facilities joint venture ( SOFAC ) in which Stratus had a 34% interest. The other JV owners were Conoco (49%) and Murphy (17%). Stratus operated a rack marketing business using its terminal assets for approximately one year before entering into a joint venture with Louis Dreyfus Energy Corp. ( LD ). The JV concentrated on the merchandizing of transportation fuels and heating oil in the Northeast, Mid-Atlantic and Southeastern states. While this arrangement proved highly successful, change in management at LD led to the termination of the contract in late 1993. In January 1994 Stratus entered into a new long-term throughput agreement with Phibro USA, Inc. ( Phibro ) This arrangement ran successfully for several years even after Phibro (now renamed Basis Petroleum) sold its business to Valero in mid 1997. After Basis was sold to Valero, Stratus made a strategic decision to diversify its customer base to ensure that it was not dependent on one large customer. While Valero remained a significant customer other customers began to store and distribute products in the markets served by the terminals. In August 1998, Stratus sold its interest in the 15 SOFAC terminals to Williams Energy Ventures (which had previously acquired an interest in SOFAC from Conoco), Conoco and Murphy. As part of the agreement, Stratus retained long-term rights for the storage and throughput at these terminals. In October 1999, Energy Merchant Corp. ( EMC ) acquired a 50% interest in the equity of Stratus from its shareholders. One aspect of the transaction involved the acquisition of Stratus senior debt and the restructuring of the subordinated debt. Energy Merchant LLC, an EMC affiliated company, entered into a long-term agreement for the management of all of Stratus operations and business. Stratus operated a rack marketing business using its terminal assets for approximately one year before entering into a joint venture with Louis ... Stratus Petroleum Corp