Sunoco Logistics Partners said it has formed a joint venture with ExxonMobil.
The deal will give the midstream company strategic assets near the Dakota Access line while expanding its West Texas footprint for the second time in less than two months.
The joint venture, called Permian Express Partners, will consist of assets owned by both firms.
Sunoco Logistics will take a stake of 85% while Exxon will control the remaining 15%.
The joint venture expands the footprint of Sunoco Logistics in West Texas, home to the prolific Permian Basin shale play. It comes less than two months after an announcement to buy Vitol’s crude oil unit in the Permian for $760 million (612 million pounds).
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