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
- Kinder Morgan Proposes 290-Mile Gas Pipeline Expansion Spanning Three States
- Enbridge Plans 86-Mile Pipeline Expansion, Bringing 850 Workers to Northern B.C.
- Three Killed, Two Injured in Accident at LNG Construction Site in Texas
- Tallgrass to Build New Permian-to-Rockies Pipeline, Targets 2028 Startup with 2.4 Bcf Capacity
- TC Energy Approves $900 Million Northwoods Pipeline Expansion for U.S. Midwest
- U.S. Pipeline Expansion to Add 99 Bcf/d, Mostly for LNG Export, Report Finds
- Enbridge Adds Turboexpanders at Pipeline Sites to Power Data Centers in Canada, Pennsylvania
- Great Basin Gas Expansion Draws Strong Shipper Demand in Northern Nevada
- Cheniere Seeks FERC Approval to Expand Sabine Pass LNG Facility
- Heath Consultants Exits Locate Business to Expand Methane Leak Detection Portfolio
Comments