This Day On The Street
Continue to site
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

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

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

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,028.69 -203.33 -1.12%
S&P 500 2,105.59 -20.47 -0.96%
NASDAQ 5,035.29 -54.0720 -1.06%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs