Energy Transfer to Construct Cryogenic Processing Plant and Gathering
DALLAS--(BUSINESS WIRE)--Feb. 18, 2014--
Energy Transfer Partners, L.P. (NYSE:ETP)
announced today it has entered into a long-term agreement with XTO
Energy Inc., a subsidiary of Exxon Mobil Corporation, to provide
midstream services for natural gas produced from certain XTO wells in
the Permian Basin.
ETP will construct a 130 million cubic feet per day cryogenic processing
plant in Glasscock County, Texas with expansion capability to 200
million cubic feet per day and will build over 100 miles of high
pressure and low pressure gathering pipelines connecting to the plant.
The new plant and gathering lines are expected to be in service in the
third quarter of 2014.
The construction of these new midstream assets in the Permian Basin will
expand ETP’s strategic initiative to provide a full breadth of midstream
services in one of the most active liquids-rich plays in the country.
The project also provides additional revenue opportunities downstream of
the plant, with connectivity to assets held by ETP. These assets include
the Energy Transfer Fuel gas transmission system, and the Lone Star NGL
pipeline system, which will deliver the NGL barrels to Lone Star’s
fractionating facilities at Mont Belvieu.
Energy Transfer Partners, L.P. (NYSE: ETP) is a master limited
partnership owning and operating one of the largest and most diversified
portfolios of energy assets in the United States. ETP currently owns and
operates approximately 35,000 miles of natural gas and natural gas
liquids pipelines. ETP owns 100% of Panhandle Eastern Pipe Line Company,
LP (the successor of Southern Union Company) and Sunoco, Inc., and a 70%
interest in Lone Star NGL LLC, a joint venture that owns and operates
natural gas liquids storage, fractionation and transportation assets.
ETP also owns the general partner, 100% of the incentive distribution
rights, and approximately 33.5 million common units in Sunoco Logistics
Partners L.P. (NYSE: SXL), which operates a geographically diverse
portfolio of crude oil and refined products pipelines, terminalling and
crude oil acquisition and marketing assets. ETP’s general partner is
owned by ETE. For more information, visit the Energy Transfer Partners,
L.P. web site at www.energytransfer.com.
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 Report on Form 10-K for the year ended
December 31, 2012 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.
Source: Energy Transfer Partners, L.P.
Vicki Granado, 214-599-8785