- Phillips 66 Partners (PSXP -1.3%) says it agrees to acquire an additional 2.5% equity interest, and Shell Midstream Partners (SHLX -0.1%) says it will acquire a 2.5% stake, in Explorer Pipeline for undisclosed sums.
- PSXP's purchase will result in a total ownership interest of ~22%; SHLX says its acquisition will be made in connection with Shell Pipeline Company, which separately owns and will retain a 35.97% equity interest in Explorer; both companies expect their acquisitions to be immediately accretive to unitholders.
- Explorer is one of the leading U.S. petroleum products transporters, serving more than 70 major cities in 16 states, and its 1,830-mile pipeline transports gasoline, diesel, fuel oil and jet fuel with an average flow of 600,K-plus bbl/day.