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Phillips 66 Partners LP (NYSE: PSXP), Houston, TX, has agreed to acquire Standish Pipeline and the remaining 75 percent interest in Phillips 66 Sweeny Frac LLC, which owns the newly constructed Sweeny Fractionator One and Clemens Caverns storage facility, for $775 million.
The partnership, which acquired a 25 percent interest in Sweeny Frac LLC in March, says it will fund the acquisition with a combination of newly issued PSXP units to Phillips 66 and the assumption of notes payable to Phillips 66.
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.