Tue, Oct. 11, 9:06 AM
- Phillips 66 Partners (NYSE:PSXP) agrees to acquire 30 crude, refined products and natural gas liquids logistics assets from Phillips 66 (NYSE:PSX) for $1.3B, in its largest-ever dropdown acquisition.
- As part of the deal, PSX will enter into 10-year terminaling and throughput agreements that will include minimum volume commitments covering ~85% of forecast volumes.
- PSXP plans to fund the deal through a public offering of two series of unsecured senior notes and $196M in new PSXP units issued to PSX.
Wed, Mar. 30, 9:16 AM
- Tallgrass Development (TEP, TEGP) agrees to acquire Sempra Energy's (NYSE:SRE) 25% membership interest in the Rockies Express Pipeline for $440M.
- The 1,712-mile natural gas transmission pipeline extending from Wyoming and Colorado to Ohio is one of the largest natural gas pipelines in North America; Tallgrass already holds a 50% stake, a Phillips 66 (NYSE:PSX) subsidiary owns a 25% stake, while Sempra U.S. Gas & Power holds the remaining 25%.
- SRE also says it will permanently release the remaining uncontracted capacity that it holds on the pipeline that it had been releasing on an interim basis, resulting in a $100M-$120M charge against Q2 earnings.
Oct. 19, 2015, 8:58 AM
- Spectra Energy (NYSE:SE) agrees to acquire Spectra Energy Partners' (NYSE:SEP) one-third ownership interests in the Sand Hills and Southern Hills natural gas liquids pipelines in exchange for redemption and cancellation of 21.56M limited partner units and 440K general partner units.
- SE also says it has executed an agreement with Phillips 66 (NYSE:PSX) and DCP Midstream (NYSE:DPM), under which it will contribute its interests in the Sand Hills and Southern Hills pipelines and Phillips 66 will contribute $1.5B, respectively, to DPM; DPM is the 50-50 joint venture between SE and PSX.
Feb. 17, 2015, 6:43 AM
- Widening its Texas operations, Phillips 66 Partners (NYSE:PSXP) has announced that it will buy Phillips 66's (NYSE:PSX) interests in three pipeline systems for a total of $1.01B.
- The deal includes two natural gas pipeline systems based in Texas, as well as a 19.46% interest in the Explorer Pipeline Company, which operates a pipeline carrying refined products between the Gulf and the U.S. Midwest.
- Phillips 66 Partners expects the deal to be accretive immediately.
Sep. 4, 2014, 6:50 AM
- Solvay (OTCPK:SVYZY) will buy Ryton PPS, a specialty polymers business, from Chevron Phillips (CVX, PSX) for $220M.
- The acquisition includes Ryton PPS's resin manufacturing units in Texas, pilot plant and research and development laboratories in Oklahoma and compounding plant in Belgium.
- The transaction is expected to be completed in Q4 of 2014.
Dec. 30, 2013, 5:28 PM
- Berkshire Hathaway (BRK.A, BRK.B) agrees to acquire the flow improver business of Phillips 66 (PSX) in exchange for PSX stock Berkshire already owns; the specific number of shares will be determined by the share price at deal closing, expected sometime during H1 2014.
- The unit, Phillips Specialty Products, makes polymers designed to reduce drag and increase the flow potential in pipelines; Warren Buffett calls it "a high-quality business with consistently strong financial performance," and he plans to install Lubrizol CEO James Hambrick to oversee strategic direction.
- Berkshire owns a 27.2M-share stake in PSX, or 4.5% of outstanding shares; Reuters reports Berkshire will use ~19M shares, or ~$1.4B.
Oct. 31, 2012, 8:37 AM
Spectra Energy (SE) agrees to acquire a one-third interest in the Sand Hills and Southern Hills pipelines now under construction by DCP Midstream (DCM). SE, Phillips 66 (PSX) and DCM each would own a one-third interest in the pipelines and will equally fund the remaining capital expenditures through completion. SE's total investment in the two projects is expected at $700M-$800M.| Oct. 31, 2012, 8:37 AM
Oct. 16, 2012, 2:14 PM
Hess (HES +3.8%) shares are strong on Murphy Oil's (MUR +8.8%) move to spin off its U.S. fuel-making business into a new company. Conoco used a similar strategy earlier this year when it spun off its fuels, petrochemicals and pipeline businesses into Phillips 66. HES operates in two segments - exploration and production, and marketing and refining - making it a potential candidate for a spinoff.| Oct. 16, 2012, 2:14 PM