Reuters

Phillips 66 to buy remaining stake in partnership for $3.4 billion

(Reuters) -Phillips 66 said on Wednesday it will buy the remaining units of Phillips 66 Partners it does not already own for $3.4 billion, as the refiner aims to simplify its governance and corporate structure. Phillips 66 Partners was formed by the refiner to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum products and natural gas liquids pipelines, terminals and other midstream assets. “We believe this acquisition will allow both PSX shareholders and PSXP unitholders to participate in the value creation of the combined entities, supported by the strong financial position of Phillips 66,” Chief Executive Officer Greg Garland said in a statement.

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