Phillips 66 to buy EPIC NGL for $2.2 billion

(RTTNews) – Phillips 66 (PSX) announced that it has agreed to acquire EPIC Y-Grade GP, LLC and EPIC Y-Grade, LP, which fill various subsidiaries and long-haul clean gas liquids pipelines, plants for Fractionation and Distribution Systems or “EPIC NGL” for an all-cash consideration of $2.2 billion.

Upon completion, the transaction is expected to be immediately accretive to earnings per allotment.

The EPIC NGL business consists of two fractionators (170 MBD) closed to Corpus Christi, Texas, approximately 350 miles of purity distribution pipelines, and an approximately 885-mile NGL pipeline (175 MBD) connecting production facilities in the Delaware, Midland and Eagle Basins Ford. to such fractionated complexes and to the Phillips 66 Sweeny Hub.

The transaction is in the field pending favorable closing conditions, including required regulatory approval.

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