Phillips 66 Partners Announces Acquisition of Incremental Interest in Explorer Pipeline
Phillips 66 Partners LP (NYSE: PSXP) (the “Partnership”) announced today
that it has agreed to acquire an additional 2.5 percent equity interest
in Explorer Pipeline Company (Explorer). This acquisition will result in
the Partnership having a total ownership interest of approximately 22
percent.
Explorer is recognized as one of the nation’s leading petroleum products
transporters serving more than 70 major cities in 16 states. Its
1,830-mile pipeline transports gasoline, diesel, fuel oil and jet fuel
with an average flow of more than 600,000 barrels per day.
The acquisition is expected to be immediately accretive to unitholders
and funded with cash and borrowings under the Partnership’s revolving
credit facility. The terms of the acquisition were approved by the board
of directors of the general partner of the Partnership, and the
acquisition is expected to close in August 2016 subject to regulatory
approvals. Terms of the agreement are not being disclosed.
About Phillips 66 Partners
Headquartered in Houston, Phillips 66 Partners is a growth-oriented
master limited partnership formed by Phillips 66 to own, operate,
develop and acquire primarily fee-based crude oil, refined petroleum
product and natural gas liquids pipelines and terminals and other
transportation and midstream assets. For more information, visit www.phillips66partners.com.
CAUTIONARY STATEMENTS
This press release contains forward-looking statements as defined
under the federal securities laws, including projections, plans and
objectives. Although Phillips 66 Partners believes that expectations
reflected in such forward-looking statements are reasonable, no
assurance can be given that such expectations will prove to be correct.
In addition, these statements are subject to certain risks,
uncertainties and other assumptions that are difficult to predict and
may be beyond Phillips 66 Partners’ control. If one or more of these
risks or uncertainties materialize, or if underlying assumptions prove
incorrect, actual results may vary materially from what Phillips 66
Partners anticipated, estimated, projected or expected. The key risk
factors that may have a direct bearing on the forward-looking statements
are described in the filings that Phillips 66 Partners makes with the
Securities and Exchange Commission. In light of these risks,
uncertainties and assumptions, the events described in the
forward-looking statements might not occur or might occur to a different
extent or at a different time than as described. All forward-looking
statements in this release are made as of the date hereof and Phillips
66 Partners undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160725005682/en/
Copyright Business Wire 2016
Source: Business Wire
(July 25, 2016 - 8:50 AM EDT)
News by QuoteMedia
www.quotemedia.com