Phillips 66 Completes Acquisition of DCP Midstream, LP Common Units

Rhea-AI Summary

Phillips 66 completes acquisition of DCP Midstream, increasing economic interest to 86.8%.

Positive

• Phillips 66 acquires all publicly held common units of DCP Midstream for $3.8 billion.
• Increased economic interest in DCP Midstream to 86.8%.

Negative

• DCP Midstream's common units will no longer be listed on the New York Stock Exchange.

HOUSTON & DENVER--(BUSINESS WIRE)-- Phillips 66 (NYSE: PSX) and DCP Midstream, LP (NYSE: DCP) completed the previously announced acquisition by Phillips 66 of all the publicly held common units representing limited partner interests in DCP Midstream for $41.75 per common unit in cash at a total value of approximately $3.8 billion, increasing its economic interest in DCP Midstream to 86.8%.

Effective with the opening of markets today, DCP Midstream’s common units will no longer be listed on the New York Stock Exchange.

About Phillips 66 and DCP Midstream

Phillips 66 (NYSE: PSX) manufactures, transports and markets products that drive the global economy. The diversified energy company’s portfolio includes Midstream, Chemicals, Refining, and Marketing and Specialties 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.

DCP Midstream, LP is a master limited partnership with a diversified portfolio of gathering, processing, logistics and marketing assets.

For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn or Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230614491693/en/

Jeff Dietert (investors)

832-765-2297

jeff.dietert@p66.com

Owen Simpson (investors)

832-765-2297

owen.simpson@p66.com

Thaddeus Herrick (media)

855-841-2368

thaddeus.f.herrick@p66.com

Source: Phillips 66

FAQ

What is the acquisition price of DCP Midstream's common units?

The acquisition price of DCP Midstream's common units is $41.75 per common unit in cash, totaling approximately $3.8 billion.

What is Phillips 66's new economic interest in DCP Midstream?

Phillips 66's new economic interest in DCP Midstream is 86.8%.

Will DCP Midstream's common units still be listed on the New York Stock Exchange?

No, DCP Midstream's common units will no longer be listed on the New York Stock Exchange.