Phillips 66 Partners Acquires Bakken, Dakota Access, and Coke Processing Assets for $2.4 Billion
In its largest acquisition to date, Phillips 66 Partners has agreed to acquire from its parent, Phillips 66, a 25% stake in the Dakota Pipeline, a 25% stake in Energy Transfer Crude Oil (alternatively the Bakken Pipeline), and 100% of Merey Sweeny, which owns fuel-grade coke processing plants near Phillips 66’s Sweeny refinery. Given that 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 of $2....Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining, and marketing and specialties businesses. The company's segments include: Midstream, which provides crude oil and refined petroleum product transportation, terminaling and processing services, as well as natural gas and natural gas liquids transportation, storage, processing and marketing services; Chemicals, which manufactures and markets petrochemicals and plastics on a worldwide basis; Refining, which refines crude oil and other feedstocks into petroleum products; and Marketing and Specialties, which purchases for resale and markets refined petroleum products, mainly in the United States and Europe.
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