General | Debt | Capital Markets
Phillips 66 Initiates Public Offering; Plans Expansion
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Phillips 66 Partners LP, a wholly owned subsidiary of Phillips 66, has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) related to its proposed initial public offering of common units representing limited partner interests.
The offering is expected to occur in the second half of this year. Phillips 66 Partners anticipates the common units will trade on the New York Stock Exchange under the ticker symbol "PSXP". The number of common units to be offered and the price range for the offering have not yet been determined.
Phillips 66 Partners expects to receive gross proceeds from the offering in the amount of approximately $300 million, excluding proceeds from any exercise of the underwriters’ over-allotment option to purchase additional…
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