- Enbridge Energy Partners (NYSE:ENB, EEP) and Marathon Petroleum (MPC) agree to pay a combined $2B for a 49% stake in the Bakken pipeline system from an affiliate of Energy Transfer Partners (ETP) and Sunoco Logistics Partners (SXL).
- EEP says it is paying $1.5B for its share in the deal, while MPC says it is contributing $500M in the joint venture project to acquire the stake in the holding company that owns 75% of the pipeline network.
- The deal follows the startup earlier this year of the Southern Access Extension, linking Enbridge’s mainline terminals near Chicago to the storage hub in Patoka, Ill.
- The deal gives EEP the ability to move shale oil from the Bakken to refineries along the U.S. Gulf Coast, through connections to its mainline; EEP will seek to set joint tolls to the Gulf.
- ETP and SXL will receive a respective $1.2B and $800M in the sale.