• 3 minutes Marine based energy generation
  • 5 minutes "Saudi Armada heading to U.S.", "Dumping" is a WTO VIOLATION.
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Which producers will shut in first?
  • 2 hours A small trial finds that hydroxychloroquine is not effective for treating coronavirus
  • 32 mins Saudis to cut 4mm bbls. What a joke.
  • 3 mins Saudi Arabia Is Buying Up European Oil Majors
  • 1 hour Occidental hypocrisy
  • 3 hours Chinese Communist Party
  • 2 mins Russia's Rosneft Oil is screwed if they have to shut down production as a result of glut.
  • 1 hour US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 4 hours Trump will be holding back funds that were going to W.H.O. Good move
  • 4 hours Sharp real pure true hard working roughneck needing work..
  • 5 hours Death Match: Climate Change vs. Coronavirus
  • 6 hours Get First Access To The Oilprice App!
  • 7 hours Bernie Sanders introduces bill to ban fracking
China's Plan To Capitalize On The Oil Price War

China's Plan To Capitalize On The Oil Price War

While Saudi Arabia and Russia…

Mexico Rejects Global Plan To Cut Oil Production

Mexico Rejects Global Plan To Cut Oil Production

While others are already cutting…

Energy Transfer Partners LP buy Sunoco Inc. for $5.3 Billion

Energy Transfer Partners LP buy Sunoco Inc. for $5.3 Billion

Energy Transfer Partners LP, the Dallas based Fortune 500 natural gas company which owns more than 17,500 miles of natural gas pipelines, has agreed to buy Sunoco Inc. for $5.3 billion; a deal that will add oil terminals and transportation assets to its portfolio.

Darren Horowitz, an analyst at Raymond James & Associates Inc. in Houston, said that the takeover “opens the door for greater growth,” allowing Energy Transfer to meet its goal of diversifying both the extent of the company’s pipeline network and the products that it ships.

Energy Transfer will receive 4,900 Sunoco retail fuelling stations around the US, as well as a 32.4% share of Sunoco Logistics Partners LP’s 7,900 miles of oil pipelines. Last month Energy Transfer also bought Southern Union Co. for $5.4 billion, almost doubling its initial pipeline network. They intend to convert some of their new, super-sized network of natural gas pipelines into crude oil pipes because the profits in crude are far higher than those of gas.

Chairman and CEO of Energy Transfer, Kelcy Warren, stated that the “goal is to derive more of our distributable cash flow from the transportation of heavier hydrocarbons like crude oil, NGLs, and refined products.”

The deal has been approved by both boards and now just needs the approval from shareholders and regulators. It is expected to be finalised in the second half of this year.

By. Charles Kennedy of Oilprice.com

For the latest oil prices visit our homepage.



Join the discussion | Back to homepage




Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News