ExxonMobil and Sunoco agree on a new midstream joint venture

Sunoco Logistics has entered into a strategic joint venture (JV) with ExxonMobil, called Permian Express Partners, to combine certain areas of their crude oil logistic assets. As part of the agreement Sunoco will contribute its Permian Express 1 and 2, Permian Longview, and Louisiana Access pipelines. ExxonMobil will contribute its Longview to Louisiana and Pegasus pipelines, its Hawkins gathering system, an idle pipeline in southern Oklahoma, and its terminal in Patoka, Illinois. The JV has been created to establish a stronger crude oil logistics network to meet market demand, additional opportunities for shippers, and expand ExxonMobil