Phillips 66, a major American energy company, has reached an agreement to acquire EPIC NGL for $2.2 billion in cash. This acquisition aims to bolster its position in the natural gas liquids (NGL) transport sector within the Permian Basin, a key area for energy production located in the southwestern United States.
The transaction involves EPIC NGL’s extensive operations, which include an approximate 885-mile natural gas liquids pipeline. This pipeline plays a critical role in linking production supplies from the Delaware, Midland, and Eagle Ford basins to the Phillips 66 Sweeny Hub, among other essential facilities.
This strategic move by Phillips 66 underscores its continued expansion into the natural gas liquids market, underscoring the significance of NGL as a vital feedstock for refineries and petrochemical plants. The acquisition is part of Phillips 66’s ongoing efforts to strengthen its infrastructure and capabilities in the energy sector.
For further details on the acquisition and its implications, you can read the full article on Bloomberg Law.