Wells Fargo Says It’s Obligated to See Dakota Pipeline Built
- CEO Sloan says pipeline loan was well vetted and ‘made sense’
- CFO Shrewsberry says bank clients reluctant to pursue deals
What Trump’s Actions on Keystone, Dakota Pipelines Mean
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Wells Fargo & Co. is committed to helping finance the Dakota Access pipeline, which will ship almost half a million barrels of crude a day from North Dakota’s shale fields to refineries in Illinois, Chief Executive Officer Tim Sloan said.
“We have an obligation,” Sloan said Wednesday at the Yahoo! Finance All Markets conference in New York. “We are one of 17 banks providing a credit facility to one of our customers to build the pipeline. That credit facility was properly vetted and independently reviewed within Wells Fargo, and we thought it made sense."