Phillips 66 Partners Acquires Bakken, Dakota Access, and Coke Processing Assets for $2.4 Billion
In its largest acquisition to date, Philips 66 Partners has agreed to acquire from its parent, Phillips 66, a 25% stake in the Dakota Pipeline, a 25% stake in the Energy Transfer Crude Oil company (alternatively the Bakken Pipeline), and 100% of Merey Sweeny, which owns fuel-grade coke processing plants near Phillip 66’s Sweeny refinery. Given we generally expect drop-downs from the parent to take place at fair value, we believe the transaction’s 8.9 2018 EBITDA multiple on a transaction price o...
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