Phillips 66 spins off natural gas pipelines to an affiliate for $1 billion

Houston-based Phillips 66 sold two natural gas pipeline systems to its affiliate, Phillips 66 Partners, Monday for $1.01 billion in cash and stock. Phillips 66 Partners, a master limited partnership, will pay Phillips 66 $880 million in cash and 1.7 million new units, Fuel Fix said. The agreement also includes $65 million in debt. Phillips ...

Source: Petro Global News |

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