Phillips 66
Phillips 66 Announces $2.2 Billion Acquisition of EPIC NGL
Summary
On January 6, 2025, Phillips 66 (NYSE: PSX) announced its entry into an equity purchase agreement to acquire 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, for a total cash consideration of $2.2 billion, subject to customary purchase price adjustments. The transaction is expected to be immediately accretive to earnings per share and will optimize Phillips 66's position in the Permian NGL market, providing comprehensive flow assurance to producers and delivering attractive returns. The acquisition is subject to customary closing conditions, including regulatory clearance.
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About Phillips 66
Phillips 66 is a renowned American multinational energy company involved in refining, transporting, and marketing petroleum products. Engaging primarily as a downstream sector entity, Phillips 66 operates an extensive network of refineries, pipelines, and retail stations across the globe. The company's main function is to refine crude oil into marketable fuels such as gasoline, diesel, and jet fuel, as well as petrochemical products that serve as building blocks for various industrial applications. Additionally, Phillips 66 is known for its logistics and midstream operations, which include pipelines and trucking services that facilitate efficient energy distribution. The company plays a critical role in the energy sector, impacting industries ranging from transportation to manufacturing. By maintaining a strategic focus on safety, environmental stewardship, and operational excellence, Phillips 66 contributes significantly to the global energy supply chain. Established in 1875 and headquartered in Houston, Texas, Phillips 66 continues to provide essential energy solutions while adapting to evolving market dynamics and sustainability demands.
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