• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 22 mins Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 5 hours America's pandemic dead deserve accountability after Birx disclosure
  • 21 mins Putin blocks Ukraine access to Black Sea after Joe blinks
  • 11 hours U.S. Presidential Elections Status - Electoral Votes
  • 22 hours Today Biden calls for Summit with Putin. Will Joe apologize to Putin for calling him a "Killer" ?
  • 2 days Fukushima
  • 2 days CO2 Mitigation on Earth and Magnesium Civilization on Mars – Just Add Water
  • 12 hours Biden about to face first real test. Russia building up military on Ukraine border.

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