DALLAS--(BUSINESS WIRE)--Feb. 15, 2017--
Energy Transfer Partners, L.P. (NYSE: ETP) and Sunoco
Logistics Partners L.P. (NYSE:SXL) today announced that they have
successfully completed approximately $3.4 billion of committed debt
financing and equity transactions, including the project financing for
the Dakota Access Pipeline (“DAPL”) and Energy Transfer Crude Oil
Pipeline (“ETCOP”) projects (collectively the “Bakken Pipeline”), as
well as the closing of the previously announced sale by ETP and SXL of a
36.75% interest in the Bakken Pipeline to MarEn Bakken Company LLC
(“MarEn”), an entity jointly owned by MPLX LP and Enbridge Energy
Partners, L.P.
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The completion of the project-level financing for the Bakken Pipeline
provided Dakota Access, LLC with access to the remaining $1.4 billion of
cash proceeds under the previously announced $2.5 billion project
financing facility, which Dakota Access will use to fund construction
costs for its pipeline project.
Upon closing of the sale of a minority interest in the Bakken Pipeline
to MarEn, ETP and SXL received $1.2 billion and $800 million in cash,
respectively, which ETP and SXL plan to use to pay down debt and help
fund current growth projects. As a result of this closing, ownership in
the Bakken Pipeline is now as follows: ETP/SXL – 38.25%, MarEn 36.75%
and P66 – 25%. ETP and SXL own 60% and 40%, respectively, of the
combined 38.25% equity interest in the Bakken Pipeline.
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.
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, refined products, and natural gas liquids pipeline, terminalling
and acquisition and marketing assets which are used to facilitate the
purchase and sale of crude oil, refined products, and natural gas
liquids. SXL’s general partner is a consolidated subsidiary of Energy
Transfer Partners, L.P. (NYSE: ETP). 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 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/20170215006340/en/
Source: Energy Transfer Partners, L.P. and Sunoco Logistics Partners L.P.
Energy Transfer
Investor Relations:
Helen Ryoo,
Brent Ratliff or Lyndsay Hannah, 214-981-0795
or
Media
Relations:
Granado Communications Group
Vicki Granado,
214-599-8785
Cell: 214-498-9272
or
Sunoco Logistics
Investor
Relations:
Peter Gvazdauskas, 215-977-6322
or
Media
Relations:
Jeff Shields, 215-977-6056