Energy Transfer, Sunoco form Permian Basin pipeline JV

The JV will operate more than 5,000 miles of crude oil and water-gathering pipelines with crude oil storage capacity of more than 11 million barrels.Two Dallas-based oil and gas giants that have been active dealmakers so far in 2024 just agreed to pursue a joint venture in the Permian Basin.

Formed July 1, the JV will operate more than 5,000 miles of crude oil and water-gathering pipelines with crude oil storage capacity of more than 11 million barrels. The new JV is expected to be immediately accretive to distributable cash flow for both Energy Transfer and Sunoco. Energy Transfer also owns Lake Charles LNG Co., in addition to the general partner interests and 39% in Austin-based USA Compression Partners LP .of San Antonio-based NuStar Energy LP in May. The company also sold 204 stores spread across West Texas, New Mexico and Oklahoma to Irving-based 7-Eleven Inc. in April. The purchase price was 145,787 million yen, or about $950 million at an April 15 exchange rate.

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