Sunoco Logistics Partners LP of Newtown Square will cease to exist at the end of the week.
About 88 percent of unit holders of Energy Transfer Partners LP approved on Wednesday the merger with its Sunoco Logistics subsidiary first announced in November. The merger will close Friday, and the combined company, headquartered in Dallas, will begin trading Monday on the New York Stock Exchange under the parent company’s current ticker symbol, "ETP."
In recent years, Sunoco Logistics, created to support the operations of the former integrated oil giant Sun Oil Co., has developed a diverse network of pipelines and terminals for crude oil, natural-gas liquids, and refined products. Its signature project in Pennsylvania is the Mariner East pipeline to transport propane and ethane to its industrial complex in Marcus Hook.
The parent company, ETP, operates more than 62,500 miles of natural-gas and natural-gas liquids pipelines. It is perhaps best known as the operator of the Dakota Access Pipeline, the contentious crude-oil pipeline that was opposed by the Standing Rock Sioux tribe. That pipeline is scheduled to begin moving oil in May from North Dakota to a terminal in Illinois.