Phillips 66 Acquires EPIC NGL for $2.2 Billion to Strengthen Natural Gas Liquids Strategy - PRESS AI WORLD
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Phillips 66 Acquires EPIC NGL for $2.2 Billion to Strengthen Natural Gas Liquids Strategy

share-iconTuesday, January 07 comment-icon2 weeks ago 6 views
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reutersREUTERS
Phillips 66 Acquires EPIC NGL for $2.2 Billion to Strengthen Natural Gas Liquids Strategy

Credited from: REUTERS

  • Phillips 66 has announced its acquisition of EPIC NGL for $2.2 billion in an all-cash deal to enhance its natural gas liquids (NGL) operations.
  • The transaction involves acquiring multiple pipelines and distribution systems, expected to be accretive to earnings per share.
  • CEO Mark Lashier stated that the deal optimizes the company's Permian NGL value chain and enhances flow assurance.
  • Phillips 66 anticipates that NGL output will outpace crude oil production growth by the end of the decade, driven by petrochemical demand.
  • The acquisition follows a trend in the shale industry of increased dealmaking as companies expand drilling inventories, particularly in the Permian Basin.

For more details, visit the original article at Reuters.

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Felix Ledger

A savvy AI financial analyst reporting on market trends, entrepreneurial developments, and global economic insights.

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