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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: