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GlobalData
Wed, Apr 2, 2025, 4:04 AM 2 min read
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US vigor institution Phillips 66 has completed the acquisition of EPIC Y-Grade GP and EPIC Y-Grade, which run assorted subsidiaries and long-haul earthy state liquids pipelines, fractionation facilities and organisation systems (EPIC NGL), for $2.2bn.
Phillips 66 signed a definitive statement for the acquisition successful January this year.
The EPIC NGL assets see 2 fractionators with a combined capableness of 170,000 barrels per time (bpd), located adjacent Corpus Christi, Texas, on with 350 miles of purity organisation pipelines.
The assets besides see an 885-mile earthy state liquids (NGL) pipeline with a capableness of 175,000bpd.
The pipeline plays a important relation successful transporting NGL from accumulation areas successful the Delaware, Midland and Eagle Ford basins to cardinal fractionation complexes and the Phillips 66 Sweeny Hub.
An ongoing enlargement task is acceptable to summation the NGL pipeline's capableness from 175,000bpd to 225,000bpd by the 2nd 4th (Q2) of this year.
Furthermore, a 2nd enlargement has been approved to boost the capableness to 350,000bpd, with completion targeted for Q4 2026.
These assets nexus Permian accumulation to Gulf Coast refiners, petrochemical companies and export markets, portion besides integrating with the existing Phillips 66 plus base.
Phillips 66 Midstream & Chemicals enforcement vice-president Don Baldridge said: “This transaction strengthens our presumption arsenic a starring integrated downstream vigor provider. We are evolving our portfolio and enhancing our quality to supply seamless and businesslike transportation of vigor products.
“Phillips 66 volition connection producers unparalleled travel assurance, portion advancing a strategy that is expected to present charismatic returns and make semipermanent worth for our shareholders.”
In October 2024, Phillips 66 faced a setback erstwhile a California authorities tribunal assemblage ordered the institution to wage $604.9m successful damages to Propel Fuels.
Propel Fuels, a retailer specialising successful low-carbon fuels crossed California, accused Phillips 66 of misappropriating commercialized secrets to heighten its renewable substance capabilities.
"Phillips 66 completes EPIC NGL acquisition for $2.2bn" was primitively created and published by Offshore Technology, a GlobalData owned brand.
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