DALLAS & HOUSTON--(BUSINESS WIRE)--Aug. 2, 2016--
Energy Transfer Partners, L.P. (NYSE: ETP), Sunoco Logistics
Partners L.P. (NYSE: SXL) and Phillips 66 (NYSE: PSX) announce the
successful completion of the project-level financing of the Dakota
Access Pipeline (DAPL) and Energy Transfer Crude Oil Pipeline (ETCOP)
projects (collectively the “Bakken Pipeline”). The $2.5 billion facility
is anticipated to provide substantially all of the remaining capital
necessary to complete the projects.
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The project-level financing was executed with a syndicate of financial
institutions on a limited recourse basis in accordance with certain
guaranties. Mainline construction of the Bakken Pipeline commenced on
May 16, 2016, and it is expected to be ready for service by the end of
2016.
Through wholly owned subsidiaries, Bakken Holdings Company, LLC owns a
75 percent membership interest in each of Dakota Access, LLC and Energy
Transfer Crude Oil Company, LLC, the entities responsible for
developing, owning and operating the Bakken Pipeline. The remaining 25
percent of each of Dakota Access, LLC and Energy Transfer Crude Oil
Company, LLC is owned by wholly owned subsidiaries of PSX. Bakken
Holdings Company, LLC is owned 60 percent by a wholly owned subsidiary
of ETP and 40 percent by a wholly owned subsidiary of SXL.
DAPL is expected to deliver in excess of 470,000 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 enable
deliveries to East Coast refineries, and the Gulf Coast market through
an interconnection in Patoka, Illinois, with ETCOP, which will provide
crude oil transportation service from the Midwest to the Sunoco
Logistics Partners and Phillips 66 storage terminals located in
Nederland, Texas.
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 of assets
as of June 30, 2016. For more information, visit www.phillips66.com
or follow us on Twitter @Phillips66Co.
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 crude oil and refined products pipelines, terminalling and
crude oil 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. web site 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.
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 each registrant’s Annual Report on Form 10-K and other
documents filed from time to time with the Securities and Exchange
Commission. The registrants undertake no obligation to update or revise
any forward-looking statement to reflect new information or events.
The information contained in this press release is available on ETP’s
web site at www.energytransfer.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160802006935/en/
Source: Energy Transfer Partners, L.P. and Sunoco Logistics Partners L.P. and Phillips 66
Phillips 66
Investor Relations:
Rosy Zuklic,
832-765-2297
rosy.zuklic@p66.com
or
C.W.
Mallon, 832-765-2297
c.w.mallon@p66.com
or
Media
Relations:
Dennis Nuss, 832-765-1850
dennis.h.nuss@p66.com
or
Energy
Transfer
Investor Relations:
Energy Transfer
Brent
Ratliff, 214-981-0795
or
Media Relations:
Granado
Communications Group
Vicki Granado, 214-599-8785
Cell:
214-498-9272
or
Sunoco Logistics
Investor
Relations:
Peter Gvazdauskas, 215-977-6322
or
Media
Relations:
Jeff Shields, 215-977-6056