Porter Hedges Represents Energy Transfer in the Closing of a $2B Sale of a Minority Stake in Bakken Pipeline Project to Enbridge and Marathon Petroleum
Porter Hedges represented Energy Transfer Partners, L.P. (NYSE: ETP) in closing of an agreement to sell 36.75% of the Bakken Pipeline Project, which includes the Dakota Access pipeline and the Energy Transfer Crude Oil pipeline, to MarEn Bakken Company LLC (“MarEn”), an entity jointly owned by Enbridge Energy Partners, L.P. and Marathon Petroleum Corporation (“MPC”), for $2 billion in cash. The deal closed on February 15, 2017.
Energy Transfer Partners, L.P. is a master limited partnership that owns and operates one of the largest and most diversified portfolios of energy assets in the United States.
The Porter Hedges team was led by corporate partner Corey Brown and energy partner Bob Thomas with assistance from Brian Rose, Geoff Schultz, Adam Nalley, and Matt Savage.
For additional information on the transaction, please see the ETP press release here.