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Phillips 66 completes acquisition of EPIC NGL

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Phillips 66 (NYSE:PSX) has completed its acquisition of EPIC NGL for $2.2 billion in cash. The acquisition includes two fractionators with 170 MBD capacity near Corpus Christi, Texas, 350 miles of purity distribution pipelines, and an 885-mile NGL pipeline (175 MBD) connecting Delaware, Midland and Eagle Ford basins to fractionation complexes and Phillips 66 Sweeny Hub.

The NGL pipeline is undergoing expansion from 175 MBD to 225 MBD, expected to complete in Q2. A second expansion to 350 MBD is sanctioned for completion in Q4 2026. The assets strategically connect Permian production to Gulf Coast refiners, petrochemical companies, and export markets, integrating with Phillips 66's existing infrastructure.

Phillips 66 (NYSE:PSX) ha completato l'acquisizione di EPIC NGL per 2,2 miliardi di dollari in contante. L'acquisizione include due frazionatori con una capacità di 170 MBD vicino a Corpus Christi, Texas, 350 miglia di oleodotti per la distribuzione di purezza e un oleodotto NGL di 885 miglia (175 MBD) che collega i bacini di Delaware, Midland e Eagle Ford ai complessi di frazionamento e al Phillips 66 Sweeny Hub.

L'oleodotto NGL è in fase di espansione da 175 MBD a 225 MBD, con completamento previsto nel secondo trimestre. Una seconda espansione a 350 MBD è stata autorizzata per il completamento nel quarto trimestre del 2026. Gli asset connettono strategicamente la produzione del Permiano ai raffinatori della Gulf Coast, alle aziende chimiche e ai mercati di esportazione, integrandosi con l'infrastruttura esistente di Phillips 66.

Phillips 66 (NYSE:PSX) ha completado su adquisición de EPIC NGL por 2.2 mil millones de dólares en efectivo. La adquisición incluye dos fraccionadores con una capacidad de 170 MBD cerca de Corpus Christi, Texas, 350 millas de oleoductos de distribución de pureza y un oleoducto NGL de 885 millas (175 MBD) que conecta las cuencas de Delaware, Midland y Eagle Ford con los complejos de fraccionamiento y el Phillips 66 Sweeny Hub.

El oleoducto NGL está en proceso de expansión de 175 MBD a 225 MBD, con finalización prevista para el segundo trimestre. Una segunda expansión a 350 MBD está autorizada para completarse en el cuarto trimestre de 2026. Los activos conectan estratégicamente la producción del Permiano con los refinadores de la Costa del Golfo, las empresas petroquímicas y los mercados de exportación, integrándose con la infraestructura existente de Phillips 66.

필립스 66 (NYSE:PSX)EPIC NGL22억 달러에 현금으로 인수했습니다. 이번 인수에는 텍사스 코퍼스 크리스티 근처에 있는 170 MBD 용량의 두 개의 분리기, 350마일의 순도 배급 파이프라인, 그리고 델라웨어, 미들랜드 및 이글 포드 분지와 분리 복합체 및 필립스 66 스위니 허브를 연결하는 885마일의 NGL 파이프라인(175 MBD)이 포함됩니다.

NGL 파이프라인은 175 MBD에서 225 MBD로 확장 중이며, 2분기 내 완료될 예정입니다. 350 MBD로의 두 번째 확장은 2026년 4분기에 완료될 예정입니다. 이 자산은 페르미안 생산을 걸프 코스트 정유소, 석유화학 회사 및 수출 시장에 전략적으로 연결하며, 필립스 66의 기존 인프라와 통합됩니다.

Phillips 66 (NYSE:PSX) a finalisé son acquisition de EPIC NGL pour 2,2 milliards de dollars en espèces. L'acquisition comprend deux fractionneurs d'une capacité de 170 MBD près de Corpus Christi, au Texas, 350 miles de pipelines de distribution de pureté et un pipeline NGL de 885 miles (175 MBD) reliant les bassins de Delaware, Midland et Eagle Ford aux complexes de fractionnement et au Phillips 66 Sweeny Hub.

Le pipeline NGL est en cours d'expansion de 175 MBD à 225 MBD, avec une finalisation prévue au deuxième trimestre. Une deuxième expansion à 350 MBD est approuvée pour être achevée au quatrième trimestre 2026. Les actifs connectent stratégiquement la production du Permien aux raffineurs de la côte du Golfe, aux entreprises pétrochimiques et aux marchés d'exportation, s'intégrant à l'infrastructure existante de Phillips 66.

Phillips 66 (NYSE:PSX) hat die Übernahme von EPIC NGL für 2,2 Milliarden Dollar in bar abgeschlossen. Die Übernahme umfasst zwei Fraktionatoren mit einer Kapazität von 170 MBD in der Nähe von Corpus Christi, Texas, 350 Meilen an Reinheitsverteilungspipelines und eine 885 Meilen lange NGL-Pipeline (175 MBD), die die Becken von Delaware, Midland und Eagle Ford mit Fraktionierungsanlagen und dem Phillips 66 Sweeny Hub verbindet.

Die NGL-Pipeline wird von 175 MBD auf 225 MBD erweitert, der Abschluss wird im 2. Quartal erwartet. Eine zweite Erweiterung auf 350 MBD ist für den Abschluss im 4. Quartal 2026 genehmigt. Die Vermögenswerte verbinden strategisch die Produktion aus dem Permian mit Raffinerien an der Golfküste, petrochemischen Unternehmen und Exportmärkten und integrieren sich in die bestehende Infrastruktur von Phillips 66.

Positive
  • Strategic acquisition enhancing downstream energy integration
  • $2.2B acquisition adds significant infrastructure assets
  • Pipeline capacity expansion from 175 MBD to 350 MBD by 2026
  • Direct connection to key production basins and export markets
Negative
  • Substantial $2.2B cash outlay impacts balance sheet
  • Extended timeline for full capacity expansion (Q4 2026)

HOUSTON--(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 phillips66.com 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.

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 assets did Phillips 66 acquire in the EPIC NGL acquisition?

Phillips 66 acquired two fractionators (170 MBD), 350 miles of distribution pipelines, and an 885-mile NGL pipeline (175 MBD) connecting major basins to fractionation complexes.

How much did Phillips 66 (PSX) pay for EPIC NGL?

Phillips 66 paid approximately $2.2 billion in cash for the EPIC NGL acquisition.

What are the planned expansion projects for the EPIC NGL pipeline?

Two expansions: first from 175 MBD to 225 MBD (Q2 completion), second to 350 MBD (Q4 2026 completion).

How does the EPIC NGL acquisition benefit Phillips 66's operations?

It strengthens Phillips 66's downstream energy position, connecting Permian production to Gulf Coast refiners and export markets, while integrating with existing infrastructure.
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