Energy Transfer LP (ET) announced on Tuesday the creation of a joint venture with Sunoco LP (SUN), combining their crude oil and produced water gathering assets in the Permian Basin.
Under the agreement, Energy Transfer will manage the joint venture while holding a 67.5% stake, contributing its Permian crude oil and produced water gathering assets and operations. Sunoco, with a 32.5% stake, will contribute all its Permian crude oil assets and operations.
The joint venture is set to take effect on July 1, 2024.
Currently, ET's stock is trading at $16.35, down 0.21% on the New York Stock Exchange.
