Phillips 66 to Purchase EPIC NGL for $2.2B

Dow Jones

01-07

By Connor Hart

Phillips 66 said it would buy EPIC NGL for $2.2 billion in a deal to help the Houston oil refiner grow its Permian midstream business.

The agreement for EPIC--which owns various subsidiaries and long-haul natural gas liquids pipelines, fractionation facilities and distribution systems--consists of two fractionators near Corpus Christi, Texas; approximately 350 miles of purity distribution pipelines; and an approximately 885-mile natural gas liquids pipeline that links production supplies in the Delaware, Midland and Eagle Ford basins to refinery complexes, Phillips said Monday.

The deal is expected to help Phillips's per-share earnings immediately, though its closing is subject to customary conditions.

Phillips said EPIC is in the process of increasing its pipeline capacity to 225 million barrels a day, and has sanctioned a second expansion to increase capacity to 350 million barrels a day.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

January 06, 2025 19:21 ET (00:21 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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