Energy Transfer and Sunoco Logistics Announce Sale of Minority Stake in Bakken Pipeline Project to Enbridge and Marathon Petroleum

DALLAS--(BUSINESS WIRE)--Energy Transfer Partners, L.P. (NYSE: ETP) and Sunoco Logistics Partners L.P. (NYSE: SXL) today announced they have signed an agreement to sell 36.75% of the Bakken Pipeline Project, which includes the Dakota Access pipeline and the Energy Transfer Crude Oil pipeline, to MarEn Bakken Company LLC (“MarEn”), an entity jointly owned by Enbridge Energy Partners, L.P. and Marathon Petroleum Corporation (“MPC”), for $2 billion in cash. The sale is expected to close in the third quarter of 2016, subject to certain closing conditions. ETP and SXL will receive $1.2 billion and $800 million in cash at closing, respectively. As previously announced, the Bakken Pipeline entities have arranged a $2.5 billion project financing facility that is expected to provide substantially all of the remaining capital necessary to complete the project. As a result, ETP and SXL plan to use the proceeds from the sale of the equity interest in the project to MarEn to pay down debt and to help fund their current growth projects. In addition, following the closing of the transaction, all owners of the Bakken Pipeline will participate on a pro rata basis for any incremental capital needs to complete the project.