Phillips 66
Phillips 66 Announces Agreement to Divestiture Germany and Austria Retail Marketing Business
Summary
On May 15, 2025, Phillips 66 (NYSE: PSX) announced that its subsidiary, Phillips 66 Continental Holding GmbH, has entered into a definitive agreement to divest a 65% interest in its Germany and Austria retail marketing business, including JET-branded sites, to a consortium owned by subsidiaries of Energy Equation Partners and Stonepeak. Phillips 66 will retain a non-operated 35% interest in the business through a newly formed joint venture. The transaction, expected to close in the second half of 2025, values the business at an enterprise value of approximately €2.5 billion (approximately $2.8 billion), with Phillips 66 expecting to receive pre-tax cash proceeds of approximately €1.5 billion (approximately $1.6 billion). The proceeds will be used to support the company’s strategic priorities, including debt reduction and shareholder returns. In connection with the transaction, Phillips 66 will enter into a multi-year agreement to continue to supply the business with products from the Mineraloelraffinerie Oberrhein GmbH & Co. KG (MiRO) Refinery.
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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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