Phillips 66 Partners to buy midstream assets from Phillips 66
- Wall St stumbles as FBI to review more Clinton emails
- FBI to review more emails related to Clinton's private email use
- Unusual 11 Mid-Day Movers 10/28: (GRVY) (VRTS) (ITGR) Higher; (OPXA) (SNMX) (STON) Lower
- ExxonMobil (XOM) Tops Q3 EPS by 5c; CapEx Light of Views
- Baker Hughes (BHI), General Electric (GE) in Partnership Talks, Not Merger Talks
Gasoline prices are displayed at a Phillips 66 station in Moscow Mills, Missouri January 17, 2015. REUTERS/Whitney Curtis/File Photo
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
(Reuters) - Phillips 66 Partners LP said on Tuesday it would buy some pipelines and terminals from parent Phillips 66 for $1.3 billion.
The deal, the largest so-called "dropdown" from Phillips 66 to the unit, includes assets supporting Phillips 66's refineries in Bayway, New Jersey; Billings, Montana; Borger, Texas, and Ponca City, Oklahoma, Phillips 66 Partners LP said.
Houston, Texas-based Phillips 66 Partners is the master limited partnership formed by Phillips 66 to acquire and operate midstream assets.
The deal is for 30 assets, which include crude pipelines, refined products and natural gas liquids pipelines and terminal systems, the company said.
Phillips 66 will also enter into a 10-year terminaling and throughput agreements that will include minimum volume commitments covering about 85 percent of expected volumes.
The deal is expected to close this month, Phillips 66 Partners said.
Phillips 66 Partners plans to fund the deal with debt and $196 million in new units issued to Phillips 66.
(Reporting by Arathy S Nair in Bengaluru; Editing by Maju Samuel)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- European Commission Opens Investigation into Proposed Acquisition of Syngenta (SYT) by ChemChina
- AMD (AMD) Shares on Watch as M&A Rumor Source Questioned (ORCL)
- Colombia, rebels say incorporating new proposals into peace deal
Create E-mail Alert Related CategoriesReuters
Related EntitiesCrude Oil, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!