Receipt of easement allows Dakota Access to complete construction of
the pipeline
Completion of previously announced debt financing and the closing of
a sale of a minority equity interest expected within days
DALLAS--(BUSINESS WIRE)--Feb. 8, 2017--
Energy Transfer Partners, L.P. (NYSE: ETP) today announced that
Dakota Access, LLC (“Dakota Access”) has received an easement from the
U.S. Army Corps of Engineers (“Army Corps”) to construct a pipeline
across land owned by the Army Corps on both sides of Lake Oahe in North
Dakota. The release of this easement by the Army Corps follows a
directive from President Donald Trump to the Department of the Army and
the Army Corps to take all necessary and appropriate steps that would
permit construction and operation of the Dakota Access pipeline,
including easements to cross federal lands. With this action, Dakota
Access now has received all federal authorizations necessary to proceed
expeditiously to complete construction of the pipeline.
The Dakota Access pipeline consists of approximately 1,172 miles of new
30-inch diameter crude oil pipeline from North Dakota to Patoka,
Illinois, and the Energy Transfer Crude Oil Pipeline consists of more
than 700 miles of existing pipeline that has been converted to crude oil
service from Patoka to Nederland, Texas. The two pipelines (together,
the “Bakken Pipeline”) are expected to be in service in the second
quarter of 2017.
With the receipt of the easement, ETP expects to complete approximately
$2.6 billion of committed debt financing and equity transactions within
the next several days, including access to the remaining $1.4 billion of
the previously announced $2.5 billion project financing for Dakota
Access and $1.2 billion from the closing of the previously announced
sale by ETP of a minority interest in the Bakken Pipeline to MarEn
Bakken Company LLC.
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 of Sunoco Logistics
Partners L.P. (NYSE: SXL), which operates a geographically diverse
portfolio of pipelines, terminalling and acquisition and marketing
assets. ETP recently acquired the general partner, 100% of the incentive
distribution rights, and an approximate 65% limited partnership interest
in PennTex Midstream Partners, LP (Nasdaq: PTXP), which is a
growth-oriented master limited partnership that provides natural gas
gathering and processing and residue gas and natural gas liquids
transportation services to producers in northern Louisiana. 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.
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 ETP’s Annual Reports on Form 10-K 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170208006356/en/
Source: Energy Transfer Partners, L.P.
Energy Transfer
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Brent Ratliff or Lyndsay Hannah, 214-981-0795
or
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