DALLAS & NEWTOWN SQUARE, Pa.--(BUSINESS WIRE)--Apr. 28, 2017--
Sunoco Logistics Partners L.P. (NYSE: SXL) (“SXL”) and Energy Transfer
Partners, L.P. (NYSE: ETP) (“ETP”) today announced the completion of
their previously announced merger of an indirect subsidiary of SXL, with
and into ETP, with ETP surviving the merger as a wholly owned subsidiary
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At the effective time of the merger, each ETP common unit converted into
the right to receive 1.5 SXL common units. Based on the ETP units
outstanding, SXL issued approximately 845 million SXL common units to
ETP unitholders. The outstanding ETP Class E units, Class G units, Class
I units and Class K units at the effective time of the merger were
converted into an equal number of newly created classes of SXL units,
with the same rights, preferences, privileges, duties and obligations as
such classes of ETP units had immediately prior to the closing of the
merger. Additionally, the outstanding SXL common units and SXL Class B
units owned by ETP at the effective time of the merger were cancelled.
As part of the completion of the merger, Sunoco Logistics Partners L.P.
changed its name to Energy Transfer Partners, L.P. and its common units
are expected to begin trading on the New York Stock Exchange (“NYSE”)
under the “ETP” ticker symbol on Monday, May 1, 2017. Effective with the
opening of the market today, ETP ceased to be a publicly traded
partnership, and its common units discontinued trading on the NYSE.
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 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. In connection with the merger, SXL changed its name to
Energy Transfer Partners, L.P. and its general partner became a
consolidated subsidiary of Energy Transfer Equity, L.P. (NYSE: ETE). For
more information, visit the Sunoco Logistics Partners L.P. website at www.sunocologistics.com.
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.
Strategically positioned in all of the major U.S. production basins, ETP
owns and operates a geographically diverse portfolio of complementary
natural gas midstream, intrastate and interstate transportation and
storage assets; crude oil, natural gas liquids (NGL) and refined product
transportation and terminalling assets; NGL fractionation; and various
acquisition and marketing assets. ETP’s general partner is owned by
Energy Transfer Equity, L.P. (NYSE: ETE). For more information, visit
the Energy Transfer Partners, L.P. website at www.energytransfer.com.
This press release includes “forward-looking” statements.
Forward-looking statements are identified as any statement that does not
relate strictly to historical or current facts. Statements using words
such as “anticipate,” “believe,” “intend,” “project,” “plan,” “expect,”
“continue,” “estimate,” “goal,” “forecast,” “may” or similar expressions
help identify forward-looking statements. SXL and ETP cannot give any
assurance that expectations and projections about future events will
prove to be correct. Forward-looking statements are subject to a variety
of risks, uncertainties and assumptions. These risks and uncertainties
include the risks that the proposed transaction may not be consummated
or the benefits contemplated therefrom may not be realized. Additional
risks include: the ability to obtain requisite regulatory and unitholder
approval and the satisfaction of the other conditions to the
consummation of the proposed transaction, the ability of SXL to
successfully integrate ETP’s operations and employees and realize
anticipated synergies and cost savings, the potential impact of the
announcement or consummation of the proposed transaction on
relationships, including with employees, suppliers, customers,
competitors and credit rating agencies, the ability to achieve revenue,
DCF and EBITDA growth, and volatility in the price of oil, natural gas,
and natural gas liquids. Actual results and outcomes may differ
materially from those expressed in such forward-looking statements.
These and other risks and uncertainties are discussed in more detail in
filings made by SXL and ETP with the Securities and Exchange Commission
(the “SEC”), which are available to the public. SXL and ETP undertake no
obligation to update publicly or to revise any forward-looking
statements, whether as a result of new information, future events or
The information contained in this press release is available on SXL’s
website at www.sunocologistics.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170428005572/en/
Source: Energy Transfer Partners, L.P. and Sunoco Logistics Partners L.P.
Lyndsay Hannah, Brent Ratliff, 214-981-0795
Vicki Granado, 214-981-0761