DALLAS & HOUSTON--(BUSINESS WIRE)--Oct. 28, 2014--
Energy Transfer Equity, L.P. (NYSE:ETE), Energy Transfer Partners, L.P.
(NYSE:ETP) (ETE and ETP collectively, “Energy Transfer”) and Phillips 66
(NYSE:PSX) announced that they have formed two joint ventures to develop
the previously announced Dakota Access Pipeline (DAPL) and Energy
Transfer Crude Oil Pipeline (ETCOP) projects. Energy Transfer holds a 75
percent interest in each joint venture and will operate both pipeline
systems. Phillips 66 owns the remaining 25 percent interests and will
fund its proportionate share of the construction costs. The DAPL and
ETCOP projects are expected to begin commercial operations in the fourth
quarter of 2016.
“We look forward to working with Phillips 66 to build this much-needed
pipeline infrastructure to link rapidly growing supplies of domestically
produced light crude oil in the Bakken/Three Forks play to refineries
throughout the country,” said Kelcy Warren, chairman of ETE and chairman
and CEO of ETP.
“Energy Transfer is a valued partner with a proven track record of
developing major interstate pipelines,” said Greg Garland, chairman and
CEO of Phillips 66. “These joint-venture projects will allow Phillips 66
to increase its access to advantaged North American crude oil and add to
the momentum we are building in our Midstream business.”
Based on contractual commitments to date, DAPL is expected to deliver in
excess of 450,000 barrels per day of crude oil from the Bakken/Three
Forks production area in North Dakota to market centers in the Midwest.
DAPL will provide shippers with access to Midwestern refineries,
unit-train rail loading facilities to facilitate deliveries to East
Coast refineries, and the Gulf Coast market through an interconnection
in Patoka, Illinois, with ETCOP. ETCOP will provide crude oil
transportation service from the Midwest to the Sunoco Logistics Partners
and Phillips 66 storage terminals located in Nederland, Texas.
In September, Energy Transfer announced the launch of a binding
Expansion Open Season to assess additional interest in transportation
service on DAPL and ETCOP above those levels previously announced.
Subject to the terms and conditions of the Expansion Open Season,
potential shippers will also have the opportunity to secure expansion
transportation service from the Bakken/Three Forks production area to
the Midwest and Gulf Coast, as well as to the Cushing hub in Oklahoma.
More information about the binding Expansion Open Season is available on
the ETP web site by accessing www.energytransfer.com/ops_copp.aspx,
or via e-mail at dlDA_ETCO@energytransfer.com.
About Energy Transfer Partners
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 also owns 100% of Panhandle Eastern Pipe Line
Company, LP (the successor of Southern Union Company) 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 67.1 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 owns 100% of Sunoco, Inc. and 100%
of Susser Holdings Corporation. Additionally ETP owns the general
partner, 100% of the incentive distribution rights and approximately 44%
of the limited partnership interests in Sunoco LP (formerly Susser
Petroleum Partners LP) (NYSE: SUN), a wholesale fuel distributor. ETP’s
general partner is owned by ETE. For more information, visit the Energy
Transfer Partners, L.P. web site at www.energytransfer.com.
About Energy Transfer Equity
Energy Transfer Equity, L.P. (NYSE:ETE) is a master limited partnership
which owns the general partner and 100% of the incentive distribution
rights (IDRs) of Energy Transfer Partners, L.P. (NYSE: ETP),
approximately 30.8 million ETP common units, and approximately 50.2
million ETP Class H Units, which track 50% of the underlying economics
of the general partner interest and IDRs of Sunoco Logistics Partners
L.P. (NYSE: SXL). ETE also owns the general partner and 100% of the IDRs
of Regency Energy Partners LP (NYSE: RGP) and approximately 57.2 million
RGP common units. On a consolidated basis, ETE’s family of companies
owns and operates approximately 71,000 miles of natural gas, natural gas
liquids, refined products, and crude oil pipelines. For more
information, visit the Energy Transfer Equity, L.P. web site at www.energytransfer.com.
About Phillips 66
Built on more than 130 years of experience, Phillips 66 is a growing
energy manufacturing and logistics company with high-performing
Midstream, Chemicals, Refining, and Marketing and Specialties
businesses. This integrated portfolio enables Phillips 66 to capture
opportunities in a changing energy landscape. Headquartered in Houston,
the company has 13,500 employees who are committed to operating
excellence and safety. Phillips 66 had $51 billion of assets as of June
30, 2014. For more information, visit www.phillips66.com
or follow us on Twitter @Phillips66Co.
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 the Annual Reports on Form 10-K and other documents filed
by Energy Transfer and Phillips 66 from time to time with the Securities
and Exchange Commission. Energy Transfer and Phillips 66 undertake no
obligation to update or revise any forward-looking statement to reflect
new information or events.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20141028005255/en/
Source: Energy Transfer Partners, L.P. and Phillips 66
Vicki Granado, 214-599-8785
Michael Barnes, 832-765-1028