Dallas-based Energy Transfer Partners, the company that left Tulsa’s Williams Companies standing at the merger-altar last month joined with Sunoco Logistics Partners in the sale of a minority ownership of a major Bakken pipeline project. And it means a nearly-automatic $2 billion increase in cash for ETP and Sunoco.
Enbridge Energy Partners of Canada and Marathon Petroleum of Houston bought 36.75 percent of the 1,172-mile, 30-inch diameter pipeline linking the Bakken and Three Forks production areas of North Dakota to Patoka, Illinois and another 700 miles of line to carry crude from Patoka to Nederland, Texas.
All of those involved plan to close the deal next month with ETP getting $1.2 billion and Sunoco netting $800 million. Once completed, the line will carry an estimated 470,000 barrels of crude oil a day.
Once everything’s signed on the paperwork, the ownership of the pipeline will break down with ETP and Sunoco owning 38.25 percent; Marathon and Enbridge jointly owning 36.75 percent and the remaining 25 percent to be in the hands of Phillips 66.