One-Page Deal Sheet
Phillips 66 Partners Makes First Asset Deal Post-IPO; Eyes Midstream Assets
Phillips 66 Partners LP Not Disclosed
Announced Date
February 13,2014
Transaction Type
Asset
Location
Region
Mid-Continent
Country
United States
State
Texas
Transaction Details: Subscribe to see
Phillips 66 Partners LP has reported that its first post-IPO acquisition will include Phillips 66’s Gold Product Pipeline System, also known as the “Gold Line System,” and the Medford Spheres, two newly constructed refinery-grade propylene storage spheres, for a total consideration of $700 million.
The dropdown from Phillips 66, which is targeted to occur March 1, 2014, is expected to be immediately accretive to the earnings and distributable cash flow of the partnership.
Greg Garland, Phillips 66 Partners chairman and CEO, commented: "We are pleased to announce our first acquisition since…
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