Phillips 66 to grow Permian midstream business with EPIC NGL acquisition
Phillips 66 (PSX)
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Source: Business Wire
HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE:PSX) announced today that it has entered into a definitive agreement to buy EPIC Y-Grade GP, LLC and EPIC Y-Grade, LP, which own various subsidiaries and long haul natural gas liquids pipelines, fractionation facilities and distribution systems (“EPIC NGL”) for total cash consideration of $2.2 billion, subject to customary purchase price adjustments. Upon closing, this transaction is expected to be immediately accretive to earnings per share.“This transaction bolsters Phillips 66’s position as a leading integrated downstream energy provider,” said Mark Lashier, chairman and CEO of Phillips 66. “This transaction optimizes our Permian NGL value chain, allows Phillips 66 to provide producers with comprehensive flow assurance, reaching fractionation facilities near Corpus Christi, Sweeny, and Mont Belvieu, Texas, and is expected to deliver attractive returns in excess of our hurdle rates.”The EPIC NGL business consists of two fractionators (
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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
- EPIC Y-Grade Agrees to Sell Business for $2.20 Billion to Phillips 66Business 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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