Phillips 66 completes EPIC NGL acquisition for $2.2bn
Phillips 66 signed a definitive agreement for the acquisition in January this year.
The EPIC NGL assets include two fractionators with a combined capacity of 170,000 barrels per day (bpd), located near Corpus Christi, Texas, along with 350 miles of purity distribution pipelines.
The assets also include an 885-mile natural gas liquids (NGL) pipeline with a capacity of 175,000bpd.
The pipeline plays a crucial role in transporting NGL from production areas in the Delaware, Midland and Eagle Ford basins to key fractionation complexes and the Phillips 66 Sweeny Hub.
An ongoing expansion project is set to increase the NGL pipeline's capacity from 175,000bpd to 225,000bpd by the second quarter (Q2) of this year.
Furthermore, a second expansion has been approved to boost the capacity to 350,000bpd, with completion targeted for Q4 2026.
These assets link Permian production to Gulf Coast refiners, petrochemical companies and export markets, while also integrating with the existing Phillips 66 asset base.
Phillips 66 Midstream & Chemicals executive vice-president Don Baldridge said: 'This transaction strengthens our position as a leading integrated downstream energy provider. We are evolving our portfolio and enhancing our ability to provide seamless and efficient delivery of energy products.
'Phillips 66 will offer producers unparalleled flow assurance, while advancing a strategy that is expected to deliver attractive returns and create long-term value for our shareholders.'
In October 2024, Phillips 66 faced a setback when a California state court jury ordered the company to pay $604.9m in damages to Propel Fuels.
Propel Fuels, a retailer specialising in low-carbon fuels across California, accused Phillips 66 of misappropriating trade secrets to enhance its renewable fuel capabilities.
"Phillips 66 completes EPIC NGL acquisition for $2.2bn" was originally created and published by Offshore Technology, a GlobalData owned brand.
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