ET - Supreme Court rejects Dakota Access Pipeline appeal

The U.S. Supreme Court has turned down an appeal by Energy Transfer's (ET -0.0%) Dakota Access Pipeline, letting stand without comment a federal appeals court ruling that required a new federal environmental impact statement before granting the pipeline the right to cross under Lake Oahe in North Dakota. Dakota Access, which opened in 2017, will continue to operate as the review is carried out, but the Supreme Court move leaves the pipeline vulnerable to an eventual shutdown. The Biden administration and five Sioux tribes which had opposed the DAPL project urged the Supreme Court to reject the appeal. The 1,200-mile pipeline carries 200M bbl/year of crude oil from the Bakken oil fields in North Dakota to the Patoka oil terminal in Illinois; Continental Resources (CLR +0.4%) is among the producers that rely on the pipeline. Last week, Energy Transfer reported better than expected Q4 earnings and revenues while pledging that

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Supreme Court rejects Dakota Access Pipeline appeal