Phillips 66 offers to buy pipeline operator DCP Midstream

Phillips 66 offers to buy pipeline operator DCP Midstream
Source Reuters/Gary McWilliams

HOUSTON, Aug 17 (Reuters) – U.S. refiner Phillips 66 (PSX.N) on Wednesday offered to acquire the public shares of gas and natural gas liquids pipeline operator

 

DCP Midstream

(DCP.N) in a $7.2 billion deal.

 

Canadian pipeline operator Enbridge (ENB.TO), which owned 50% of DCP’s general partner, said it would reduce its stake in the company to 13.2% from 28.3%.

It will, in turn, take over as operator and more than double its stake in Grey Oak pipeline, previously operated by Phillips 66.

Phillips 66’s (PSX.N) economic interest in the Gray Oak pipeline will fall to 6.50% from 42.25%.

Reporting by Arathy Somasekhar in Houston; editing by Gary McWilliams

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About Stu Turley 2009 Articles
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience in implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor in this space. Stuart has led the “Total Corporate Digital Integration” platform at Sandstone and works with Sandstone clients to help integrate all aspects of modern digital business. He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage and is the Co-Host of the energy news video and Podcast Energy News Beat. Stuart is on Board Member of ASN Productions, DI Communities Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.