DALLAS--(BUSINESS WIRE)--Nov. 2, 2016--
Energy Transfer Partners, L.P. (NYSE: ETP) today announced it has
closed on its previously announced agreement to acquire certain
interests in PennTex Midstream Partners, LP (NASDAQ: PTXP) from various
parties for total consideration of approximately $640 million in ETP
units and cash. ETP now owns 100% of the general partner of PTXP,
together with all of its incentive distribution rights (IDRs), as well
as 6.3 million common units and all 20 million subordinated units of
PTXP, representing approximately 65 percent of the total limited partner
interests in PTXP.
Credit Suisse acted as the financial advisor to ETP for the transaction.
Andrews Kurth Kenyon LLP served as legal counsel to ETP.
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 pipelines, terminalling and 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. website
at www.energytransfer.com.
PennTex Midstream Partners, LP is a growth-oriented master
limited partnership focused on owning, operating, acquiring and
developing midstream energy infrastructure assets in North America. PTXP
provides natural gas gathering and processing and residue gas and
natural gas liquids transportation services to producers in the
Terryville Complex in northern Louisiana. For more information, visit www.penntex.com.
Forward-Looking Statements
This news 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 the Partnership’s Annual Report on Form 10-K and other documents
filed from time to time with the Securities and Exchange Commission. The
Partnership undertakes 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 our
website at www.energytransfer.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161102005503/en/
Source: Energy Transfer Partners, L.P.
Energy Transfer:
Investor Relations:
Brent Ratliff or
Lyndsay Hannah, 214-981-0795
or
Media Relations:
Vicki
Granado, 214-498-9272