Dallas-based Energy Transfer Partners completed a $2 billion sale of stakes in the controversial Dakota Access Pipeline, which restarted construction this week after receiving regulatory approval from the U.S. Army Corps of Engineers.
Energy Transfer sold a 36.8 stake in the roughly $4 billion pipeline project to affiliates of Calgary-based Enbridge and Ohio-based Marathon Petroleum. That includes 27.6 percent to Enbridge and 9.2 percent to Marathon.
The deal reduces Energy Transfer ownership to a controlling 38.25 percent, while Houston-based Phillips 66 maintains its 25 percent stake. Energy Transfer said it will use the proceeds for debt reduction.
The partial sale was delayed for months after the nearly completed oil pipeline project encountered regulatory holdups under the Obama administration. President Donald Trump put a quick end to that.
The pipeline project was nearing completion last summer when the Standing Rock Sioux tribe launched protests to block the project, drawing international attention and environmental activists from around the country. Hundreds were arrested and injured during recent protests and skirmishes. Protests remain ongoing, but construction has resumed.
The pipeline project is designed to carry crude oil from North Dakota’s Bakken Shale to Illinois, where the pipeline connects to existing networks to bring the oil as far south as Nederland, Texas.