Phillips 66 Partners LP (PSXP) Raises Quarterly Dividend 5% to $0.3168; 2% Yield

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Go back to Phillips 66 Partners LP (PSXP) Raises Quarterly Dividend 5% to $0.3168; 2% Yield

Phillips 66 Partners LP (PSXP) Announces $340M Asset Transaction with Phillips 66 (PSX)

October 22, 2014 4:41 PM EDT

Phillips 66 Partners LP (NYSE: PSXP) has reached an agreement to acquire from Phillips 66 (NYSE: PSX) two newly constructed crude oil rail-unloading facilities, located in Linden, New Jersey, and Ferndale, Washington, for $330 million as well as certain assets associated with the Cross-Channel Connector Pipeline for an additional $10 million. The acquisition, which is anticipated to close in early December 2014, is expected to be immediately accretive to unitholders.

The acquisition of these high-quality logistics assets will enhance both the composition and geographic diversity of the Partnerships portfolio, said Greg Garland, Phillips 66... More