Phillips 66 announces agreement to sell interest in Gulf Coast Express

Business Wire12-16 20:15

HOUSTON, December 16, 2024--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX) announced today that it has entered into a definitive agreement to sell DCP GCX Pipeline LLC, which owns a 25% non-operated equity ...

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We intend to continue to optimize the portfolio and rationalize non-core assets going forward,\" said Mark Lashier, chairman and CEO of Phillips 66. \"The evolution of our portfolio underscores our position as a leading integrated downstream energy provider, enhancing shareholder value and positioning the company for the future.\"","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4588":"碎股","KMI":"金德尔摩根","LU0300736492.USD":"FRANKLIN NATURAL RESOURCES \"A\" (USD) INC","GRO":"Brazil Potash Corp.","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","PSX":"Phillips 66","BK4138":"石油与天然气的炼制和营销","BK4144":"石油与天然气的储存和运输","BK4585":"ETF&股票定投概念","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC"},"translate_title":"Phillips 66宣布同意出售墨西哥湾海岸快车的权益","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GRO":1,"KMI":1,"PSX":1},"content_text":"HOUSTON, December 16, 2024--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX) announced today that it has entered into a definitive agreement to sell DCP GCX Pipeline LLC, which owns a 25% non-operated equity interest in Gulf Coast Express Pipeline LLC, to an affiliate of ArcLight Capital Partners, LLC for pre-tax total cash proceeds of $865 million, subject to purchase price adjustments.\n\"With this transaction, we have exceeded our $3 billion asset divestiture target established in our strategic priorities. We intend to continue to optimize the portfolio and rationalize non-core assets going forward,\" said Mark Lashier, chairman and CEO of Phillips 66. \"The evolution of our portfolio underscores our position as a leading integrated downstream energy provider, enhancing shareholder value and positioning the company for the future.\"\nGulf Coast Express Pipeline is an approximately 500-mile pipeline system that transports about 2 billion cubic feet per day of natural gas from the Permian Basin to the Agua Dulce, Texas area. Following the transaction, Gulf Coast Express Pipeline LLC will be jointly owned by subsidiaries of Kinder Morgan, Inc. (NYSE: KMI) and affiliates of ArcLight Capital Partners, LLC.\nThe sales price represents an implied Enterprise Value/EBITDA multiple of 10.6x based on expected 2025 EBITDA. Proceeds from the sale will support the strategic priorities of Phillips 66, including returns to shareholders and debt reduction.\nThe sale is expected to close in January 2025.\nAbout Phillips 66\nPhillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.\nCautionary Statement for the Purposes of the \"Safe Harbor\" Provisions of the Private Securities Litigation Reform Act of 1995 —This news release contains forward-looking statements within the meaning of the federal securities laws with respect to the sale of Phillips 66’s equity interests in DCP GCX Pipeline LLC and the use of proceeds from such sale. Words such as \"anticipated,\" \"estimated,\" \"expected,\" \"planned,\" \"scheduled,\" \"targeted,\" \"believe,\" \"continue,\" \"intend,\" \"will,\" \"would,\" \"objective,\" \"goal,\" \"project,\" \"efforts,\" \"strategies\" and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes in governmental policies or laws that relate to the company’s operations, including regulations that seek to limit or restrict refining, marketing and midstream operations or regulate profits, pricing, or taxation of the company’s products or feedstocks, or other regulations that restrict feedstock imports or product exports; the company’s ability to timely obtain or maintain permits necessary for projects; fluctuations in NGL, crude oil, refined petroleum, renewable fuels and natural gas prices, and refining, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum or renewable fuels products; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for renewable fuels; potential liability from pending or future litigation; liability for remedial actions, including removal and reclamation obligations under existing or future environmental regulations; unexpected changes in costs for constructing, modifying or operating the company’s facilities; the company’s ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we have announced or may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected difficulties in manufacturing, refining or transporting the company’s products; the level and success of drilling and production volumes around the company’s midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for the company’s products; failure to complete construction of capital projects on time or within budget; the company’s ability to comply with governmental regulations or make capital expenditures to maintain compliance with laws; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact the company’s ability to repurchase shares and declare and pay dividends; potential disruption of the company’s operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments, including armed hostilities (such as the Russia-Ukraine war), expropriation of assets, and other diplomatic developments; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to the company’s asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to the company’s business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting the company’s businesses generally as set forth in Phillips 66’s filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.\nUse of Non-GAAP Financial Information — This news release includes the term \"EBITDA,\" which, as used in this release, is a forward-looking non-GAAP financial measure. EBITDA is defined as estimated net income plus estimated net interest expense, income taxes, depreciation and amortization. Net income is the most directly comparable GAAP financial measure. EBITDA estimates depend on future levels of revenues and expenses, which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation between projected 2025 EBITDA to net income without unreasonable effort.\nView source version on businesswire.com: https://www.businesswire.com/news/home/20241215722732/en/\nContacts\nJeff Dietert (investors)832-765-2297jeff.dietert@p66.com\nOwen Simpson (investors)832-765-2297owen.simpson@p66.com\nThaddeus Herrick (media)855-841-2368thaddeus.f.herrick@p66.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2491698258"}