The Bakken Pipeline System consists of the Dakota Access Pipeline and Energy Transfer Crude Oil Pipeline. In August 2016, Enbridge Energy Partners (EEP) announced that it had formed a joint venture with Marathon Petroleum (MPC).
MPC, in turn, has entered into an agreement to acquire a 49% equity interest in the holding company that owns 75% of the Bakken Pipeline System from an affiliate of Energy Transfer Partners (ETP) and Sunoco Logistics Partners (SXL). Phillips 66 (PSX) owns the other 25% in each pipeline project.
Under this arrangement, EEP and MPC would indirectly hold 75% and 25%, respectively, of the joint venture’s 49% interest in the holding company of Bakken Pipeline. On February 15, 2017, Enbridge Energy Partners announced the closure of the acquisition of its 27.6% interest in the system.
Now let’s take a look at the institutional holdings in EEP.