Sunoco Logistics Partners and Energy Transfer Partners Announce Successful Completion of Merger
April 28 2017 - 10:55AM
Business Wire
Sunoco Logistics Partners L.P. (NYSE: SXL) (“SXL”) and Energy
Transfer Partners, L.P. (NYSE: ETP) (“ETP”) today announced the
completion of their previously announced merger of an indirect
subsidiary of SXL, with and into ETP, with ETP surviving the merger
as a wholly owned subsidiary of SXL.
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View the full release here:
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At the effective time of the merger, each ETP common unit
converted into the right to receive 1.5 SXL common units. Based on
the ETP units outstanding, SXL issued approximately
845 million SXL common units to ETP unitholders. The
outstanding ETP Class E units, Class G units, Class I units and
Class K units at the effective time of the merger were converted
into an equal number of newly created classes of SXL units, with
the same rights, preferences, privileges, duties and obligations as
such classes of ETP units had immediately prior to the closing of
the merger. Additionally, the outstanding SXL common units and SXL
Class B units owned by ETP at the effective time of the merger were
cancelled.
As part of the completion of the merger, Sunoco Logistics
Partners L.P. changed its name to Energy Transfer Partners, L.P.
and its common units are expected to begin trading on the New York
Stock Exchange (“NYSE”) under the “ETP” ticker symbol on Monday,
May 1, 2017. Effective with the opening of the market today, ETP
ceased to be a publicly traded partnership, and its common units
discontinued trading on the NYSE.
Sunoco Logistics Partners L.P. (NYSE: SXL) is a master
limited partnership that owns and operates a logistics business
consisting of a geographically diverse portfolio of complementary
pipeline, terminalling, and acquisition and marketing assets which
are used to facilitate the purchase and sale of crude oil, natural
gas liquids, and refined products. In connection with the merger,
SXL changed its name to Energy Transfer Partners, L.P. and its
general partner became a consolidated subsidiary
of Energy Transfer Equity, L.P. (NYSE: ETE). For more
information, visit the Sunoco Logistics Partners L.P. website at
www.sunocologistics.com.
Energy Transfer Partners, L.P. (NYSE: ETP) is a
master limited partnership that owns and operates one of the
largest and most diversified portfolios of energy assets in the
United States. Strategically positioned in all of the major U.S.
production basins, ETP owns and operates a geographically diverse
portfolio of complementary natural gas midstream, intrastate and
interstate transportation and storage assets; crude oil, natural
gas liquids (NGL) and refined product transportation and
terminalling assets; NGL fractionation; and various acquisition and
marketing assets. ETP’s general partner is owned by Energy Transfer
Equity, L.P. (NYSE: ETE). For more information, visit the Energy
Transfer Partners, L.P. website at www.energytransfer.com.
Forward-Looking Statements
This press release includes “forward-looking” statements.
Forward-looking statements are identified as any statement that
does not relate strictly to historical or current facts. Statements
using words such as “anticipate,” “believe,” “intend,” “project,”
“plan,” “expect,” “continue,” “estimate,” “goal,” “forecast,” “may”
or similar expressions help identify forward-looking statements.
SXL and ETP cannot give any assurance that expectations and
projections about future events will prove to be correct.
Forward-looking statements are subject to a variety of risks,
uncertainties and assumptions. These risks and uncertainties
include the risks that the proposed transaction may not be
consummated or the benefits contemplated therefrom may not be
realized. Additional risks include: the ability to obtain requisite
regulatory and unitholder approval and the satisfaction of the
other conditions to the consummation of the proposed transaction,
the ability of SXL to successfully integrate ETP’s operations and
employees and realize anticipated synergies and cost savings, the
potential impact of the announcement or consummation of the
proposed transaction on relationships, including with employees,
suppliers, customers, competitors and credit rating agencies, the
ability to achieve revenue, DCF and EBITDA growth, and volatility
in the price of oil, natural gas, and natural gas liquids. Actual
results and outcomes may differ materially from those expressed in
such forward-looking statements. These and other risks and
uncertainties are discussed in more detail in filings made by SXL
and ETP with the Securities and Exchange Commission (the “SEC”),
which are available to the public. SXL and ETP undertake no
obligation to update publicly or to revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
The information contained in this press release is available on
SXL’s website at www.sunocologistics.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170428005572/en/
Energy TransferInvestor Relations:Helen Ryoo,
Lyndsay Hannah, Brent Ratliff, 214-981-0795orMedia
Relations:Vicki Granado, 214-981-0761orSunoco
LogisticsInvestor Relations:Peter Gvazdauskas,
215-977-6322orMedia Relations:Jeff Shields, 215-977-6056
Energy Transfer Equity (NYSE:ETE)
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