Phillips 66 Announces Sale of 25% Equity Interest in Rockies Express Pipeline to Tallgrass Energy Subsidiary
Phillips 66 (PSX)
Last phillips 66 earnings: 5/1 07:00 am
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Source: Business Wire
HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX) announced today it has agreed to sell its 25% non-operated common equity interest in Rockies Express Pipeline LLC (REX) to a subsidiary of Tallgrass Energy, LP (TGE) for an enterprise value of approximately $1.275 billion. TGE is the operator of REX and will own 100% of the common equity interest in REX following the transaction. This transaction generates pre-tax cash proceeds of $685 million to Phillips 66 after adjustments for Phillips 66’s allocation of REX’s debt and preferred equity balances.“This sale is an important step in our commitment to deliver over $3 billion in asset divestitures,” said Mark Lashier, Chairman and CEO of Phillips 66. “We are committed to managing our portfolio and monetizing assets that no longer fit our long-term strategy.”The expected proceeds will support Phillips 66’s strategic priorities, including returns to shareholders.REX, a 1,714-mile pipeline system, is one of the largest natural gas pipeli
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- 6/13/24 - Form 144
- 6/5/24 - Form 3
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