EPIC Y-Grade Agrees to Sell Business for $2.20 Billion to Phillips 66
Phillips 66 (PSX)
Last phillips 66 earnings: 5/1 07:00 am
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Source: Business Wire
HOUSTON--(BUSINESS WIRE)--EPIC Y-Grade, LP (“EPIC Y-Grade” or “the Company”) announced that it has entered into definitive agreements with Phillips 66 (NYSE: PSX) to sell its natural gas liquids (“NGL”) business for total cash consideration of $2.20 billion, subject to customary purchase price adjustments. EPIC Y-Grade owns long haul natural gas liquids pipelines and fractionation facilities that serve both the Permian and Eagle Ford basins.“EPIC has transformed its NGL business over the past few years and this transaction affirms our team, our strategy, and our execution,” said Brian Freed, Chief Executive Officer of EPIC. “We have developed natural gas liquids assets in Corpus Christi and Sweeny with downstream interconnectivity. We believe Phillips 66 will be a great owner to steward these assets into their next phase.”For this transaction, Jeffries LLC served as financial advisor and Kirkland & Ellis LLP served as legal advisor to EPIC Y-Grade.About EPIC Y-Grade, LPEPIC Y-Grad
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News
- Phillips 66 CEO sees refining rebound, advantage for U.S. refiners vs. Europe [Seeking Alpha]Seeking Alpha
- EPIC Y-Grade Agrees to Sell Business for $2.20 Billion to Phillips 66 [Yahoo! Finance]Yahoo! Finance
- Phillips 66 to grow Permian midstream business with EPIC NGL acquisitionBusiness Wire
- Phillips 66 (NYSE: PSX) was upgraded by analysts at Wolfe Research from a "peer perform" rating to an "outperform" rating. They now have a $143.00 price target on the stock.MarketBeat
- Phillips 66 (PSX) Increases Despite Market Slip: Here's What You Need to Know [Yahoo! Finance]Yahoo! Finance
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