Houston-based Phillips 66 is boosting its stake in Denver-based DCP Midstream LP in a $3.8 billion deal.
"We are delivering on our commitment to grow our [natural gas liquids] business," said Phillips 66 President and CEO Phillips also 66 paid $400 million and exchanged most of its stake in the Gray Oak Pipeline, a crude oil pipeline connecting the Permian Basin and Eagle Ford Shale to Texas Gulf Coast destinations, to Enbridge as part of the restructuring agreement.
Phillips 66's sweetened $3.8 billion deal will be funded through a combination of cash and debt, the company said. The acquisition is expected to close during the second quarter, subject to closing conditions.