- Sunoco Logistics Partners (NYSE:SXL) -3.3% AH after agreeing to acquire Vitol's Permian Basin crude oil unit for $760M plus working capital.
- SXL says the acquisition will provide a ~2M-barrel crude oil terminal in Midland, Tex., a crude oil gathering and mainline pipeline system in the Midland Basin, including a significant acreage dedication, and crude oil inventories related to Vitol’s crude oil purchasing and marketing business in west Texas.
- In connection with the deal, Energy Transfer Partners (ETP) and Energy Transfer Equity (ETE), as the owners of SXL general partner Sunoco Partners, will reduce incentive distributions by $60M over a two-year period.
- To help fund the deal, SXL announces a 21M-unit public offering, with an underwriters option to purchase up to 3.15M additional common units.