EPIC Y-Grade Agrees to Sell Business for $2.20 Billion to Phillips 66

HOUSTON--(BUSINESS WIRE)-- EPIC Y-Grade, LP (“EPIC Y-Grade” or “the Company”) announced that it has entered into definitive agreements with Phillips 66 (NYSE: PSX) to sell its natural gas liquids (“NGL”) business for total cash consideration of $2.20 billion, subject to customary purchase price adjustments. EPIC Y-Grade owns long haul natural gas liquids pipelines and fractionation facilities that serve both the Permian and Eagle Ford basins.

“EPIC has transformed its NGL business over the past few years and this transaction affirms our team, our strategy, and our execution,” said Brian Freed, Chief Executive Officer of EPIC. “We have developed natural gas liquids assets in Corpus Christi and Sweeny with downstream interconnectivity. We believe Phillips 66 will be a great owner to steward these assets into their next phase.”

For this transaction, Jeffries LLC served as financial advisor and Kirkland & Ellis LLP served as legal advisor to EPIC Y-Grade.

About EPIC Y-Grade, LP

EPIC Y-Grade was formed in 2017 to build and operate natural gas liquids pipelines and associated fractionation complex linking NGL reserves in the Permian and Eagle Ford to Gulf Coast refiners, petrochemical companies and export markets. EPIC Y-Grade’s operated fractionation complex is located at the terminus of its 24” pipeline in Robstown, Texas. EPIC Y-Grade owns and controls 885 miles of NGL pipelines, 350 miles of purity product pipelines and fractionation capacity totaling 170,000 barrels per day in Robstown, Texas. For more information on EPIC Y-Grade, visit www.epicmid.com.

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EPIC Midstream Holdings, LP

Mike Garberding

Chief Financial Officer

(214) 766-4929

Mike.garberding@epicmid.com

Source: EPIC Y-Grade, LP