Energy Transfer, Sunoco form joint venture of Permian crude businesses (updated)

Sunoco LP (Texas)

16/07/2024 14:29

(Adds details)
       July 16 (Reuters) - 
    U.S. pipeline operator Energy Transfer  ET.N  and fuel
distributor Sunoco  SUN.N  on Tuesday said they would form a
joint venture combining their crude oil and produced
water-gathering assets in the Permian Basin.
    Dallas-based Sunoco is an affiliate of Energy Transfer,
which billionaire Kelcy Warren controls.
        The joint venture, formed on July 1, is expected to be
immediately accretive to distributable cash flow for both Energy
Transfer and Sunoco. 
    It will operate more than 5,000 miles of crude oil and water
gathering pipelines with crude oil storage capacity exceeding 11
million barrels.
    Energy Transfer will hold a 67.5% interest in the joint
venture, with Sunoco holding the remaining 32.5%.

 (Reporting by Seher Dareen in Bengaluru; Editing by Tasim
Zahid)
 ((Seher.Dareen@thomsonreuters.com; If in India call +91 74832
70128;))