Energy Transfer, Sunoco, Phillips 66 get $2.5 billion project facility

By Angela McDaniels

Tacoma, Wash., Aug. 3 – Energy Transfer Partners LP, Sunoco Logistics Partners LP and Phillips 66 secured project-level financing for the Bakken pipeline project under a $2.5 billion credit facility, according to Energy Transfer’s second-quarter earnings release.

The facility is expected to provide substantially all of the remaining capital needed to complete the project.

In addition, Energy Transfer Partners and Sunoco Logistics signed an agreement to sell 36.75% of the project to MarEn Bakken Co. LLC, an entity jointly owned by Enbridge Energy Partners, LP and Marathon Petroleum Corp., for $2 billion. The sale is expected to close in the third quarter. Energy Transfer Partners and Sunoco Logistics will receive $1.2 billion and $800 million of cash at closing, respectively.

Energy Transfer Partners is an energy gathering and transportation company based in Dallas. Sunoco transports and stores crude oil and natural gas and is based in Philadelphia. Philipps 66 is a Houston-based energy manufacturing and logistics company.

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