IRVING (dpa-AFX) - Sunoco Logistics Partners L.P. (SXL) announced a strategic joint venture with ExxonMobil (XOM) in which the companies will form Permian Express Partners LLC to combine certain of their key crude oil logistics assets. Upon closing, ownership in Permian Express Partners LLC will be approximately 85% SXL and 15% XOM.
'This combination of certain strategic crude oil assets, together with our existing and recently acquired Midland Basin assets, greatly enhances our service capabilities for the Permian Basin, one of the most prolific shale areas with incredible growth opportunities. We expect to achieve significantly greater long-term accretion as domestic crude oil production grows over time,' said Michael Hennigan, President and CEO of Sunoco Logistics.
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