Large investors in the Dakota Access Pipeline, including Phillips 66 , could be on the hook for hundreds of millions in payments, after a U.S. court on Monday ordered the owners of the major artery to shut it down and empty it of oil.
), could be on the hook for hundreds of millions in payments, after a U.S. court on Monday ordered the owners of the major artery to shut it down and empty it of oil.
A U.S. District Court on Monday ordered Energy Transfer LP to shut and empty the largest pipeline from the North Dakota shale oil fields within 30 days, saying the U.S. Army Corp of Engineers failed to provide an adequate environmental impact statement. The 570,000 barrel-per-day pipeline carries oil from the Bakken shale to the Midwest and Gulf Coast and has long been protested by Native American tribes and environmental groups.
Last year, the pipeline raised $2.5 billion in net proceeds from a bond offering snapped up by U.S. insurance companies and mutual funds. Dakota Access LLC and Energy Transfer Crude Oil Co LLC guaranteed repayment of the debt. A backstop to that debt is an agreement by investors in Dakota Access LLC to contribute equity in the event of a ruling against the pipeline.
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