Phillips 66 to sell DCP GCX Pipeline to ArcLight for proceeds of $865M

TipRanks12-17

Phillips 66 (PSX) announced that it has entered into a definitive agreement to sell DCP GCX Pipeline which owns a 25% non-operated equity interest in Gulf Coast Express Pipeline to an affiliate of ...

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Phillips 66 price target lowered to $147 from $150 at Mizuho. Phillips 66 price target lowered to $140 from $141 at JPMorgan. Amazon invests $4B more in Anthropic, Gap reports Q3 beat: Morning Buzz. Phillips 66 accussed of violating Clean Water Act, NY Times reports. 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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.” Gulf 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 will be jointly owned by subsidiaries of Kinder Morgan( KMI) and affiliates of ArcLight Capital Partners The 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. The sale is expected to close in January 2025.\n\nPick the best stocks and maximize your portfolio:\n\nDiscover top-rated stocks from highly ranked analysts with Analyst Top Stocks!\nEasily identify outperforming stocks and invest smarter with Top Smart Score Stocks\n\n\n\nPublished first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>\n\n\nSee today’s best-performing stocks on TipRanks >>\n\n\nRead More on PSX:\n\nPhillips 66 price target lowered to $147 from $150 at Mizuho\nPhillips 66 price target lowered to $140 from $141 at JPMorgan\nAmazon invests $4B more in Anthropic, Gap reports Q3 beat: Morning Buzz\nPhillips 66 accussed of violating Clean Water Act, NY Times reports\nPhillips 66 price target lowered to $124 from $133 at Barclays","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","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/2492950021"}