© 2014 The Texas Lawbook.
By Natalie Posgate – (October 30) – Dallas-based Energy Transfer Partners, LP and Energy Transfer Equity, LP and Houston-based Phillips 66 have formed two joint ventures to develop the Dakota Access Pipeline and Energy Transfer Crude Oil Pipeline.
Energy Transfer holds a 75 percent interest in each JV and will operate both pipeline systems. The oil giant turned to Houston partner Robin Fredrickson at Latham & Watkins to handle the deal. She received assistance from associates Stephen Szalkowski and Stefanie Vincent.
Latham has handled many deals for Energy Transfer, such as its $5.3 billion acquisition of Sunoco, its $9 billion acquisition of Southern Union and $1 billion sale of Missouri Gas Energy and New England Gas companies to Laclede Group – all of which occurred in 2012.
Phillips 66 handled the deal in-house. Company spokesman Dean Acosta said “for competition reasons,” Phillips 66 does not disclose the names of its in-house lawyers who handle deals.
Both pipeline projects are expected to begin commercial operations in the fourth quarter of 2015.
The Dakota Access Pipeline will carry crude oil from the Bakken/Three Forks play in North Dakota to a terminus in Illinois. The Energy Transfer Crude Oil Pipeline will provide crude oil from the Midwest to the crude oil terminaling facilities of Sunoco at Nederland, Texas, which is near the Gulf Coast.
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