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|Energy Transfer, Sunoco Logistics, and Phillips 66 Announce Binding Supplemental Open Season for Bakken Pipeline Transport|
DALLAS & HOUSTON--(BUSINESS WIRE)--Dakota Access, LLC (“Dakota Access”) and Energy Transfer Crude Oil Company, LLC (“ETCO”) today announced the launch of a Binding Supplemental Open Season (“Supplemental Open Season”) to solicit shipper commitments for transportation service for Bakken/Three Forks production to reach multiple markets through their respective pipeline systems (collectively, the "Bakken Pipeline"). Dakota Access and ETCO each anticipate that incremental transport capacity for Bakken/Three Forks production will be determined based on committed subscriptions made by shippers during the Supplemental Open Season.
The Supplemental Open Season includes local tariff service on the Dakota Access pipeline from the Bakken/Three Forks play to Patoka, Illinois. It also provides interested parties with the opportunity for joint tariff service from the Bakken/Three Forks play to Nederland, Texas, through a commitment to both the Dakota Access and ETCO pipeline systems.
Through wholly owned subsidiaries, Bakken Holdings Company, LLC owns a 75 percent membership interest in each of Dakota Access and ETCO, the entities responsible for developing, owning and operating the Bakken Pipeline. The remaining 25 percent of each of Dakota Access and ETCO is owned by wholly owned subsidiaries of Phillips 66 (NYSE: PSX). Bakken Holdings Company, LLC is owned 60 percent by a wholly owned subsidiary of Energy Transfer Partners, L.P. (NYSE: ETP) and 40 percent by a wholly owned subsidiary of Sunoco Logistics Partners L.P. (NYSE: SXL).
Supplemental Open Season Process
The Supplemental Open Season commenced at 12:00 p.m. (CDT) on August 12, 2016.
Bona fide potential shippers that desire to receive copies of the open season documents are required to execute a confidentiality agreement and may direct their requests for a confidentiality agreement to the following e-mail address:
About Energy Transfer Partners
Energy Transfer Partners, L.P. (NYSE: ETP) is a master limited partnership that owns and operates one of the largest and most diversified portfolios of energy assets in the United States. ETP’s subsidiaries include Panhandle Eastern Pipe Line Company, LP (the successor of Southern Union Company) and Lone Star NGL LLC, which owns and operates natural gas liquids storage, fractionation and transportation assets. In total, ETP currently owns and operates more than 62,500 miles of natural gas and natural gas liquids pipelines. 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 pipelines, terminalling and acquisition and marketing assets. ETP’s general partner is owned by Energy Transfer Equity, L.P. For more information, visit the Energy Transfer Partners, L.P. website at www.energytransfer.com.
About Sunoco Logistics
Sunoco Logistics Partners L.P. (NYSE: SXL) is a master limited partnership that owns and operates a logistics business consisting of a geographically diverse portfolio of complementary crude oil, natural gas liquids and refined products pipeline, terminalling and acquisition and marketing assets which are used to facilitate the purchase and sale of crude oil, natural gas liquids and refined products. SXL’s general partner is a consolidated subsidiary of Energy Transfer Partners, L.P. For more information, visit the Sunoco Logistics Partners L.P. website at www.sunocologistics.com.
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company's master limited partnership, is an integral asset in the portfolio. Headquartered in Houston, the company has 14,000 employees committed to safety and operating excellence. Phillips 66 had $50 billion in assets as of June 30, 2016. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.
Forward Looking Statements
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 Phillips 66, Energy Transfer Partners and Sunoco Logistics from time to time with the Securities and Exchange Commission. Phillips 66, Energy Transfer Partners and Sunoco Logistics undertake no obligation to update or revise any forward-looking statement to reflect new information or events.
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