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
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
Comments