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Sunoco (SUN) has issued an update.
Sunoco LP and Energy Transfer LP have joined forces in a transformative joint venture, merging their Permian Basin assets to create a powerhouse network of over 5,000 miles of oil and water pipelines with a storage capacity exceeding 11 million barrels. Energy Transfer will dominate the partnership with a 67.5% stake, leaving Sunoco with a 32.5% interest. This strategic collaboration, effective from July 1, 2024, is set to boost cash flow for both companies and reshape the region’s energy infrastructure.
See more insights into SUN stock on TipRanks’ Stock Analysis page.