Latest news with #DonBaldridge
Yahoo
02-04-2025
- Business
- Yahoo
Phillips 66 completes EPIC NGL acquisition for $2.2bn
US energy company Phillips 66 has completed the acquisition of EPIC Y-Grade GP and EPIC Y-Grade, which operate various subsidiaries and long-haul natural gas liquids pipelines, fractionation facilities and distribution systems (EPIC NGL), 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. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
01-04-2025
- Business
- Yahoo
Phillips 66 completes acquisition of EPIC NGL
HOUSTON, April 01, 2025--(BUSINESS WIRE)--Phillips 66 (NYSE:PSX) announced today the completion of its previously announced acquisition of EPIC Y-Grade GP, LLC and EPIC Y-Grade, LP, which own various subsidiaries and long-haul natural gas liquids pipelines, fractionation facilities and distribution systems ("EPIC NGL") for total cash consideration of approximately $2.2 billion. "This transaction strengthens our position as a leading integrated downstream energy provider," said Don Baldridge, Phillips 66 executive vice president of Midstream & Chemicals. "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." The EPIC NGL business consists of two fractionators (170 MBD) near Corpus Christi, Texas, approximately 350 miles of purity distribution pipelines and an approximately 885-mile NGL pipeline (175 MBD) linking production supplies in the Delaware, Midland and Eagle Ford basins to fractionation complexes and the Phillips 66 Sweeny Hub. The expansion project from 175 MBD to 225 MBD for the NGL pipeline is expected to be completed in the second quarter. A second expansion to increase capacity to 350 MBD has already been sanctioned with completion expected in the fourth quarter of 2026. The acquired assets connect Permian production to Gulf Coast refiners, petrochemical companies and export markets, and are highly integrated with the Phillips 66 asset base. About Phillips 66 Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company's portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit or follow @Phillips66Co on LinkedIn. Cautionary Statement for the Purposes of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995 — This news release contains forward-looking statements within the meaning of the federal securities laws. Words such as "anticipated," "committed," "estimated," "expected," "planned," "scheduled," "targeted," "believe," "continue," "intend," "will," "would," "could," "objective," "goal," "project," "efforts," "strategies" and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management's expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: the possibility that Phillips 66 may not fully realize the expected benefits of the completed transaction; the risk of any unexpected costs or expenses resulting from the completed transaction; changes in governmental policies or laws that relate to our operations, including regulations that seek to limit or restrict refining, marketing and midstream operations or regulate profits, pricing, or taxation of our products or feedstocks, or other regulations that restrict feedstock imports or product exports; our ability to timely obtain or maintain permits necessary for projects; fluctuations in NGL, crude oil, refined petroleum, renewable fuels and natural gas prices, and refining, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum or renewable fuels products; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for renewable fuels; potential liability from pending or future litigation; liability for remedial actions, including removal and reclamation obligations under existing or future environmental regulations; unexpected changes in costs for constructing, modifying or operating our facilities; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we have announced or may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our products; failure to complete construction of capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance with laws; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact our ability to repurchase shares and declare and pay dividends; potential disruption of our operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments, including armed hostilities (such as the Russia-Ukraine war), expropriation of assets, and other diplomatic developments; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting our businesses generally as set forth in Phillips 66's filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. View source version on Contacts Jeff Dietert (investors) Owen Simpson (investors) Thaddeus Herrick (media)
