Energy Transfer, Sunoco Logistics & Phillips 66 Announce Successful Completion of Project Financing for Bakken Pipeline Joint...
August 02 2016 - 4:20PM
Business Wire
Energy Transfer Partners, L.P. (NYSE: ETP), Sunoco Logistics
Partners L.P. (NYSE: SXL) and Phillips 66 (NYSE: PSX) announce the
successful completion of the project-level financing of the Dakota
Access Pipeline (DAPL) and Energy Transfer Crude Oil Pipeline
(ETCOP) projects (collectively the “Bakken Pipeline”). The $2.5
billion facility is anticipated to provide substantially all of the
remaining capital necessary to complete the projects.
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The project-level financing was executed with a syndicate of
financial institutions on a limited recourse basis in accordance
with certain guaranties. Mainline construction of the Bakken
Pipeline commenced on May 16, 2016, and it is expected to be ready
for service by the end of 2016.
Through wholly owned subsidiaries, Bakken Holdings Company, LLC
owns a 75 percent membership interest in each of Dakota Access, LLC
and Energy Transfer Crude Oil Company, LLC, the entities
responsible for developing, owning and operating the Bakken
Pipeline. The remaining 25 percent of each of Dakota Access, LLC
and Energy Transfer Crude Oil Company, LLC is owned by wholly owned
subsidiaries of PSX. Bakken Holdings Company, LLC is owned 60
percent by a wholly owned subsidiary of ETP and 40 percent by a
wholly owned subsidiary of SXL.
DAPL is expected to deliver in excess of 470,000 barrels per day
of crude oil from the Bakken/Three Forks production area in North
Dakota to market centers in the Midwest. DAPL will provide shippers
with access to Midwestern refineries, unit-train rail loading
facilities to enable deliveries to East Coast refineries, and the
Gulf Coast market through an interconnection in Patoka, Illinois,
with ETCOP, which will provide crude oil transportation service
from the Midwest to the Sunoco Logistics Partners and Phillips 66
storage terminals located in Nederland, Texas.
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics
company. With a portfolio of Midstream, Chemicals, Refining, and
Marketing and Specialties businesses, the company processes,
transports, stores and markets fuels and products globally.
Phillips 66 Partners, the company's master limited partnership, is
an integral asset in the portfolio. Headquartered in Houston, the
company has 14,000 employees committed to safety and operating
excellence. Phillips 66 had $50 billion of assets as of June 30,
2016. For more information, visit www.phillips66.com or follow us
on Twitter @Phillips66Co.
About Energy Transfer Partners
Energy Transfer Partners, L.P. (NYSE: ETP) is a master
limited partnership that owns and operates one of the largest and
most diversified portfolios of energy assets in the United States.
ETP’s subsidiaries include Panhandle Eastern Pipe Line Company, LP
(the successor of Southern Union Company) and Lone Star NGL LLC,
which owns and operates natural gas liquids storage, fractionation
and transportation assets. In total, ETP currently owns and
operates more than 62,500 miles of natural gas and natural gas
liquids pipelines. ETP also owns the general partner, 100% of the
incentive distribution rights, and approximately 67.1 million
common units in Sunoco Logistics Partners L.P. (NYSE: SXL), which
operates a geographically diverse portfolio of crude oil and
refined products pipelines, terminalling and crude oil acquisition
and marketing assets. ETP’s general partner is owned by Energy
Transfer Equity, L.P. For more information, visit the Energy
Transfer Partners, L.P. web site
at www.energytransfer.com.
About Sunoco Logistics
Sunoco Logistics Partners L.P. (NYSE: SXL) is a master
limited partnership that owns and operates a logistics business
consisting of a geographically diverse portfolio of complementary
crude oil, natural gas liquids and refined products pipeline,
terminalling and acquisition and marketing assets which are used to
facilitate the purchase and sale of crude oil, natural gas liquids
and refined products. SXL’s general partner is a consolidated
subsidiary of Energy Transfer Partners, L.P. For more
information, visit the Sunoco Logistics Partners
L.P. website at www.sunocologistics.com.
Forward-Looking Statements
This press release may include certain statements concerning
expectations for the future that are forward-looking statements as
defined by federal law. Such forward-looking statements are subject
to a variety of known and unknown risks, uncertainties, and other
factors that are difficult to predict and many of which are beyond
management’s control. An extensive list of factors that can affect
future results are discussed in each registrant’s Annual Report on
Form 10-K and other documents filed from time to time with the
Securities and Exchange Commission. The registrants undertake no
obligation to update or revise any forward-looking statement to
reflect new information or events.
The information contained in this press release is available on
ETP’s web site at www.energytransfer.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160802006935/en/
Phillips 66Investor Relations:Rosy Zuklic,
832-765-2297rosy.zuklic@p66.comorC.W. Mallon,
832-765-2297c.w.mallon@p66.comorMedia Relations:Dennis Nuss,
832-765-1850dennis.h.nuss@p66.comorEnergy
TransferInvestor Relations:Energy TransferBrent Ratliff,
214-981-0795orMedia Relations:Granado Communications
GroupVicki Granado, 214-599-8785Cell: 214-498-9272orSunoco
LogisticsInvestor Relations:Peter Gvazdauskas,
215-977-6322orMedia Relations:Jeff Shields, 215-977-6056
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