This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Energy Transfer Announces Crude Oil Pipeline Project Connecting Bakken Supplies To Patoka, Illinois And To Gulf Coast Markets

Stocks in this article: ETEETP

Energy Transfer Partners, L.P. ( NYSE:ETP) today announced that its Board of Directors has approved building an approximate 1,100 mile crude oil pipeline (“Bakken Pipeline”) to transport crude supply from strategic receipt points in the Bakken/Three Forks production area in North Dakota to Patoka, Illinois, where the Bakken Pipeline will interconnect with Energy Transfer’s existing 30-inch diameter Trunkline Pipeline (“Trunkline”), which is being converted from natural gas service to crude transportation service. From Patoka, shippers will be able to access multiple markets, including Midwest markets and East Coast markets by rail as well as the Gulf Coast, via Trunkline, to the Nederland, Texas crude oil terminalling facility of Sunoco Logistics Partners L.P. (NYSE: SXL). Additionally, Energy Transfer will develop a rail terminal facility in Illinois to access East Coast refineries.

ETP has secured multiple long-term binding contractual commitments from shippers sufficient to fully support the construction of a 30-inch pipeline to Patoka. The 30-inch diameter pipeline will initially provide 320,000 barrels per day of capacity, and ETP could increase the capacity of the Bakken Pipeline based on additional customer demand. ETP has already begun the process of ordering steel and negotiating construction contracts for the Bakken Pipeline, and ETP expects to have the Bakken Pipeline built and in service, and the Trunkline crude oil conversion project completed and in service, by the end of 2016. ETP is in discussions with SXL regarding a potentially significant equity participation by SXL.

The construction of the Bakken Pipeline project will help further develop the crude rich areas in and around the Bakken and provide additional U.S. crude supplies to U.S. markets and refineries along the East and Gulf Coasts. The pipeline not only supports the continued growth and production on the Bakken area, but does so in a cost effective and environmentally responsible manner by reducing the current utilization of rail and truck transportation as the predominant alternative to moving Bakken crude oil volumes to major U.S. markets.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,814.94 -2.96 -0.02%
S&P 500 2,067.03 -2.38 -0.12%
NASDAQ 4,758.2520 +3.36 0.07%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs