WASHINGTON (dpa-AFX) - Energy Transfer LP (ET) announced on Tuesday the establishment of a joint venture with Sunoco LP (SUN), by merging their crude oil and produced water-gathering assets in the Permian Basin.
Energy Transfer will operate the joint venture, holding a 67.5 percent interest and contributing its Permian crude oil and produced water gathering assets and operations.
Sunoco, with a 32.5 percent stake, will contribute all its Permian crude oil assets and operations.
The joint venture will be effective, July 1, 2024.
Currently, ET's stock is trading at $16.35, down 0.21% on the New York Stock Exchange.
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