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Phillips 66 (NYSE: PSX) has successfully completed its merger with Phillips 66 Partners (NYSE: PSXP), acquiring all limited partnership interests not already owned. Each PSXP unitholder received 0.50 shares of PSX common stock for each PSXP common unit. As a result, PSXP's common units will no longer be publicly traded effective March 9, 2022. Phillips 66, headquartered in Houston, has a diverse portfolio in energy manufacturing and logistics, with approximately $56 billion in assets as of December 31, 2021.
Positive
Merger enhances operational efficiency and synergies between PSX and PSXP.
Phillips 66 expands its asset base and market presence through the acquisition.
Negative
Transition may result in temporary integration challenges and financial strain.
HOUSTON--(BUSINESS WIRE)--
Phillips 66 (NYSE: PSX) announced today the completion of the previously announced merger between Phillips 66 Partners (PSXP) and Phillips 66. The merger resulted in Phillips 66 acquiring all limited partnership interests in PSXP not already owned by Phillips 66 and its affiliates. Partnership unitholders received 0.50 shares of PSX common stock for each outstanding PSXP common unit, including preferred units that were converted into common units at a premium prior to closing.
Effective March 9, 2022, PSXP’s common units will no longer be publicly traded on the New York Stock Exchange.
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Headquartered in Houston, the company has 14,000 employees committed to safety and operating excellence. Phillips 66 had $56 billion of assets as of Dec. 31, 2021. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.
