Energy Transfer's (ETP) Dakota Access Pipeline To Come Online
Zacks Investment Research | Apr 17, 2017 09:26PM ET
Per a filing by Texas-based pipeline operator Energy Transfer Partners (NYSE:ETP) , the Dakota Access Pipeline is set to start interstate crude oil delivery on May 14.
Work on the $3.8 billion project was halted by the Obama administration last year amid protests from a Native American tribe, blocking the construction of the final part of the pipeline through North Dakota. The protest drew international attention as the Standing Rock Sioux Tribe objected the project citing that the 1,172 mile pipeline would desecrate their sacred burial ground as well as contaminate their water supply.
Making good on his campaign promises to ramp up infrastructure spending and increase fossil fuel production, President Donald Trump brushed aside protests by environmental activists and signed executive order to smooth the way for Dakota Access Pipeline just a few days into his new Administration.
The protest camp, which stalled the construction of the pipeline for several months, has been removed after the new legal actions. The partnership has now gained the right of oil transportation from Patoka, IL, to Nederland, TX. The company can now construct the pipeline under Lake Oahe, the main water source for the Standing Rock Sioux and Cheyenne River Tribes. The pipeline will help the partnership in transporting more than 500,000 barrels of oil per day, ensuring greater safety than moving oil by rail or truck.
About the Company
Energy Transfer Partners is a publicly traded partnership that owns and operates a diversified portfolio of energy assets. The partnership's natural gas assets include miles of natural gas gathering and transportation pipelines, natural gas treating and processing properties in Texas and Louisiana, and three natural gas storage facilities in Texas.
Price Performance
In the last one month, the partnership’s units gained 0.20% while the Zacks categorized Zacks Investment Research
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