Energy Transfer Announces Receipt of Easement from Army Corps of Engineers on Land Adjacent to Lake Oahe
February 08 2017 - 7:40PM
Business Wire
Receipt of easement allows Dakota Access to
complete construction of the pipeline
Completion of previously announced debt
financing and the closing of a sale of a minority equity interest
expected within days
Energy Transfer Partners, L.P. (NYSE: ETP) today
announced that Dakota Access, LLC (“Dakota Access”) has received an
easement from the U.S. Army Corps of Engineers (“Army Corps”) to
construct a pipeline across land owned by the Army Corps on both
sides of Lake Oahe in North Dakota. The release of this easement by
the Army Corps follows a directive from President Donald Trump to
the Department of the Army and the Army Corps to take all necessary
and appropriate steps that would permit construction and operation
of the Dakota Access pipeline, including easements to cross federal
lands. With this action, Dakota Access now has received all federal
authorizations necessary to proceed expeditiously to complete
construction of the pipeline.
The Dakota Access pipeline consists of approximately 1,172 miles
of new 30-inch diameter crude oil pipeline from North Dakota to
Patoka, Illinois, and the Energy Transfer Crude Oil Pipeline
consists of more than 700 miles of existing pipeline that has been
converted to crude oil service from Patoka to Nederland, Texas. The
two pipelines (together, the “Bakken Pipeline”) are expected to be
in service in the second quarter of 2017.
With the receipt of the easement, ETP expects to complete
approximately $2.6 billion of committed debt financing and equity
transactions within the next several days, including access to the
remaining $1.4 billion of the previously announced $2.5 billion
project financing for Dakota Access and $1.2 billion from the
closing of the previously announced sale by ETP of a minority
interest in the Bakken Pipeline to MarEn Bakken Company LLC.
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 of Sunoco Logistics Partners L.P. (NYSE: SXL), which
operates a geographically diverse portfolio of pipelines,
terminalling and acquisition and marketing assets. ETP recently
acquired the general partner, 100% of the incentive distribution
rights, and an approximate 65% limited partnership interest in
PennTex Midstream Partners, LP (Nasdaq: PTXP), which is a
growth-oriented master limited partnership that provides natural
gas gathering and processing and residue gas and natural gas
liquids transportation services to producers in northern Louisiana.
ETP’s general partner is owned by Energy Transfer Equity, L.P.
(NYSE: ETE). For more information, visit the Energy Transfer
Partners, L.P. website at www.energytransfer.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 ETP’s Annual Reports on Form 10-K
and other documents filed from time to time with the Securities and
Exchange Commission. ETP undertakes no obligation to update or
revise any forward-looking statement to reflect new information or
events.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170208006356/en/
Energy TransferInvestor Relations:Helen Ryoo,
Brent Ratliff or Lyndsay Hannah, 214-981-0795orMedia
Relations:Granado Communications GroupVicki Granado,
214-599-8785Cell: 214-498-9272
Sunoco (NYSE:SUN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sunoco (NYSE:SUN)
Historical Stock Chart
From Apr 2023 to Apr 2024