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Phillips 66 (PSX)

  • Tue, Feb. 17, 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.
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  • 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.
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  • 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.
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  • 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.
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Company Description
Phillips 66 is a downstream energy company. The Company's segment includes Refining and Marketing (R&M), Midstream and Chemicals businesses. Its Chemicals business is conducted through its 50% interest in Chevron Phillips Chemical Company LLC.