• 5 minutes Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 10 minutes Iranian Sanctions - What Are The Facts?
  • 15 minutes U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 2 hours Can the World Survive without Saudi Oil?
  • 51 mins Sears files Chapter 11
  • 1 hour Natural disasters and US deficit
  • 19 hours U.S. - Saudi Arabia: President Trump Says Saudi Arabia's King Wouldn't Survive "Two Weeks" Without U.S. Backing
  • 3 hours China Is the Climate-Change Battleground
  • 18 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 2 days COLORADO FOCUS: Stocks to Watch Prior to Midterms
  • 1 day How Long Until We Have Working Nuclear Fusion Reactor?
  • 2 days $70 More Likely Than $100 - YeeeeeeHaaaaa
  • 11 hours Threat: Iran warns U.S, Israel to expect a 'devastating' revenge
  • 16 hours German Voters Set to Punish Merkel’s Conservative Bloc
  • 17 hours Saudi A Threatens to Block UN Climate Report
  • 2 days China Tariff Threatens U.S. LNG Boom
What’s Next For Oil Prices?

What’s Next For Oil Prices?

Oil markets will continue to…

Oil Prices Subdued, But For How Long?

Oil Prices Subdued, But For How Long?

Oil prices may have closed…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Potential Dakota Access Pipeline Merger Sees Stock Fall 8 Percent

Dakota Access

News of a potential merger between Sunoco Logistics and Energy Transfer Partners (ETP) – the company behind the controversial Dakota Access Pipeline – caused stock prices for both firms to drop by eight percent on Monday.

The deal boasts a total value of $19.93 billion, according to Sunoco, which agreed to acquire ETP.

"Pipelines are going to be winners under Trump," Jim Cramer told CNBC’s "Squawk on the Street." "Energy Transfer's been trying to build that national network of natural gas. This is a very important deal and it's out of nowhere, and this group is finally going to break out."

Republican President-elect Donald Trump campaigned on making the United States energy independent by supporting oil and natural gas drilling as well as related infrastructure projects. He has vowed to approve the Keystone XL pipeline – a project President Barack Obama famously blocked last year at the insistence of environmental groups.

Sunoco’s smaller size relative to ETP may have caused the price decrease, as well as politics regarding the Dakota Access pipeline, according to Jay Hatfield, a portfolio manager at Infracap.

ETP CEO Kelcy Warren said on Friday that it would not consider rerouting the five-state Dakota Access project despite the controversy surrounding its current path, according to the Associated Press.

Related: How Trump Could Change LNG Markets

"There's not another way. We're building at that location," Warren said, adding that the pipeline’s construction had neared completion in all of the five host states.

Warren invited Dave Archambault, the chairman of the Standing Rock tribe, to a bilateral meeting in order to address fears of the destruction of tribal history and the jeopardization of water resources.

"We already know what he's going to say - that this is the cleanest, safest pipeline ever," the chairman told the AP in response to the invitation.

The pipeline project—stalled in a disputed segment near Lake Oahe since September—is finishing up the rest of its construction by 1 December and is hoping to start moving crude by early next year if granted permission by the Army Corps of Engineers to proceed with the missing segment.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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