- Energy Transfer Partners (ETP +3.4%) says an easement from the U.S. Army Corps of Engineers to drill under Lake Oahe will unlock an additional $1.4B in financing for its Dakota Access pipeline.
- ETP already has drawn $1.1B from its $2.5B credit facility but needs the easement to access the remaining $1.4B; the company says it expects "imminent" approval from the U.S. government to begin drilling.
- In its earnings conference call, ETP said workers now are mobilizing drilling equipment in preparation for approval from the Army Corps, which owns a 500-ft. buffer around Lake Oahe.
- ETP is sharply higher for a second straight day despite reporting a $0.49/unit Q3 loss, compared with a year-earlier profit of $0.10, and revenue fell 16% Y/Y to $5.53B.
- Energy Transfer Equity (ETE +1.7%) also reported a Q3 profit of $0.19/unit, down from $0.28 a year earlier, on a 8.9% revenue decline to $9.68B.
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Dakota Access approval imminent, Energy Transfer Partners says
Published 11/10/2016, 12:48 PM
Dakota Access approval imminent, Energy Transfer Partners says
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