Phillips 66
Phillips 66 Announces Acquisition of Remaining Interest in WRB Refining LP
Summary
On September 9, 2025, Phillips 66 announced that it has entered into a definitive agreement to acquire the remaining 50% equity interest in WRB Refining LP from subsidiaries of Cenovus Energy Inc. for $1.4 billion, subject to customary purchase price adjustments. The acquisition is expected to close during the fourth quarter of 2025 and is anticipated to deliver operational and commercial synergies of approximately $50 million per year. A press release detailing the agreement is attached as Exhibit 99.1.
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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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