Phillips 66 announced the completion of its $2.2 billion acquisition of EPIC Y-Grade GP, LLC and EPIC Y-Grade, LP (EPIC NGL). This strategic transaction is expected to be immediately accretive to Phillips 66's earnings per share.
The acquired assets significantly enhance Phillips 66's Permian NGL value chain, including two fractionators, 350 miles of purity distribution pipelines, and an 885-mile NGL pipeline. This infrastructure connects key production basins to Gulf Coast fractionation facilities and the Phillips 66 Sweeny Hub.
Furthermore, the NGL pipeline capacity is in the process of being upgraded from 175,000 barrels per day (bpd) to 225,000 bpd, with a second expansion to 350 MBD sanctioned. This acquisition reinforces Phillips 66's position as a leading integrated downstream energy provider and optimizes its midstream operations.
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