Energy Transfer Partners joins with Phillips 66 for new Bakken crude pipelines
Send this to a friend
- Nicholas Sakelaris
- Staff Writer- Dallas Business Journal
- Email | LinkedIn | Twitter | Google+
Energy Transfer Partners announced a joint venture with Phillips 66 to build two pipelines to move crude oil out of North Dakota.
Dallas-based Energy Transfer Partners (NYSE: ETP) will have a 75-percent interest in the pipelines, which will link crude oil from the Bakken Shale and Three Forks formation to refineries and rail terminals.
Houston-based Phillips 66 (NYSE: PSX) will have a 25 percent interest and will pay a proportionate cost of the construction. Both pipelines are scheduled to be completed by the end of 2016.
Got Energy? Sign up for our Energy Inc. newsletter here
The Dakota Access Pipeline (DAPL) will deliver up to 570,000 barrels per day to Pakota, Illinois, where it will connect to the other new pipeline. The $3.7 billion pipeline will be 1,100 miles long, 30 inches in diameter and pass through four states.
The Energy Transfer Crude Oil Pipeline (ETCOP) will carry oil from Pakota to Nederland in South Texas. The 30-inch diameter pipeline has the capacity to carry up to 570,000 barrels per day of crude oil, nearly half the current production in the Bakken Shale.
The ETCOP pipeline is a total of 744 miles long and passes through seven states. The majority of the pipeline will actually be a converted natural gas pipeline.
"We look forward to working with Phillips 66 to build this much-needed pipeline infrastructure to link rapidly growing supplies of domestically produced light crude oil in the Bakken/Three Forks play to refineries throughout the country," said Kelcy Warren, CEO of Energy Transfer Partners.
The ETCOP pipeline will replace four to seven crude oil trains per day, relieving congestion on the railroads in the Midwest. The pipeline will create 800 construction jobs.
Nicholas covers the energy, manufacturing, aviation and transportation beats for the Dallas Business Journal. Subscribe the Energy Inc. newsletter
Most Popular
- Most popular
- Emailed
- Mobile
- Southwest Airlines rolling out four weddings and a lot of dance moves
- Turkish developer to buy land near Dallas City Hall for $1.2B project
- Exclusive: Jack Matthews to buy historic Dallas High School
- Dallas real estate investor buys Turtle Creek building; plans redo
- Roger Staubach talks real estate, Romo and the Redskins nickname
- Mark Cuban invests $1M in Austin startup
- Aggie 100 ranking recognizes 14 high-growth North Texas companies
- SEC says Wyly is burning through cash before assets can be frozen
- Toyota's North American CEO: 'We will be melding these organizations' (Video)
- Toyota says 'howdy' to Plano with $1M donation to school district
Sponsored by
People on the Move
-
Audience Development Account Executive Dallas Business Journal | Dallas, TX
-
Insurance Agency Owner Brightway Insurance | Georgia, North Carolina, Texas
-
Channel Sales Executive Houston Business Journal | Houston, TX
-
Trend Micro Career Day Trend Micro | Irving, TX
-
Patent Agent Gardere Wynne Sewell LLP | Dallas, TX
Featured Property
Comments
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.