Phillips 66 Completes EPIC Acquisition
Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
2200BB
Description
Phillips 66 (PSX) finalized the $2.2 billion acquisition of EPIC, a move that strengthened the company’s NGL network and angered an activist investor.
On April 2, PSX announced the completed acquisition of EPIC NGL, a system of NGL pipelines, distribution systems and fractionators connecting the Permian Basin to Phillips facilities in Corpus Christi, Texas, and the company’s Sweeny Hub near Houston.
The companies announced the pending deal on Jan. 6.
EPIC NGL business consists of two 170,000 bbl/d fractionators near Corpus Christi, 350 miles of purity distribution pipelines and an 885-mile, 175,000-bbl/d NGL pipeline linking production in the Delaware, Midland and Eagle Ford basins to the Phillips 66 Sweeny Hub.