Energy Transfer, Sunoco Join Forces in Permian Basin Crude Venture
(Reuters) — U.S. pipeline operator Energy Transfer and fuel distributor Sunoco on Tuesday said they would form a joint venture combining their crude oil and produced water-gathering assets in the Permian Basin.
Dallas-based Sunoco is an affiliate of Energy Transfer, which billionaire Kelcy Warren controls.
RELATED: Energy Transfer Completes WTG Midstream Acquisition, Expanding Pipeline Network by 6,000 Miles
The joint venture, formed on July 1, is expected to be immediately accretive to distributable cash flow for both Energy Transfer and Sunoco.
It will operate more than 5,000 miles of crude oil and water gathering pipelines with crude oil storage capacity exceeding 11 million barrels.
Energy Transfer will hold a 67.5% interest in the joint venture, with Sunoco holding the remaining 32.5%.
Related News
Related News
![](/media/2035/pgj-enews-graphic-300x1404.jpg)
- Williams' $1 Billion Gas Pipeline Blocked by U.S. Appeals Court, Derailing Five-State Project
- Texas Waha Hub Gas Prices Plunge to Record Lows, Hit Negative Territory
- U.S. Buys Nearly 5 Million Barrels of Oil for Emergency Stockpile
- Williams Begins Louisiana Pipeline Construction Despite Ongoing Legal Dispute with Energy Transfer
- U.S. Appeals Court Strikes Down Controversial Biden Pipeline Safety Rules
- U.S. to Buy 4.5 Million Barrels of Oil to Replenish Strategic Petroleum Reserve
- Kurdish Oil Smuggling to Iran Flourishes
- U.S. Court Overturns Alaska Oil Lease Sale, Halting Energy Development
- Second Gas Pipeline Rupture in Texas’ Reeves County Raises Environmental Concerns
- Mid-Year Global Forecast: Midstream Responding to Demand from LNG Projects
Comments