Phillips 66 Partners has reached agreement with Phillips 66 to acquire latter’s interests in three pipeline systems for close to $1bn.
The acquisition includes one-third equity interests in the limited liability companies that respectively own the Sand Hills and Southern Hills natural gas liquids (NGL) pipeline systems, and a 19.46% equity interest in Explorer Pipeline Company, the owner of the Explorer refined products pipeline system. In exchange, Phillips 66 will receive total consideration of $1.01bn consisting…
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