Phillips 66 (PSX) Acquires Lucrative Midland Basin Assets [Yahoo! Finance]
Phillips 66 (PSX)
Last phillips 66 earnings: 5/1 07:00 am
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Source: Yahoo! Finance
Pinnacle Midland is a midstream energy company owned by a private equity firm, Energy Spectrum Capital. Pinnacle Midland's assets in the Midland Basin will complement and expand PSX's processing capabilities in one of the most prolific oil and natural gas regions in the United States. Notably, the Dos Picos natural gas complex, owned by Pinnacle Midland, has a processing capacity of 220 million cubic feet per day (mmcfd). In addition, the complex boasts 80 miles of pipelines, making it a significant asset for natural gas processing and transportation. The system covers 50,000 acres, sourcing gas from high-quality producers in a key focus basin for Phillips 66. The complex has the potential to be scaled to a second 220 mmcfd gas plant. The deal is anticipated to conclude by mid-2024. The acquisition is a strategic move by PSX in enhancing its overall wellhead-to-market strategy. Per Pinnacle Midland's statement, its assets can integrate seamlessly into Phillip 66's existing downs
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PSX
News
- Phillips 66 to Sell Pipeline Stake to Tallgrass for $1.3 Billion [BNN Bloomberg (Canada)]BNN Bloomberg
- Phillips 66 (NYSE: PSX) had its price target lowered by analysts at Piper Sandler from $170.00 to $151.00. They now have an "overweight" rating on the stock.MarketBeat
- Phillips 66 Announces Sale of 25% Equity Interest in Rockies Express Pipeline to Tallgrass Energy SubsidiaryBusiness Wire
- Phillips 66 (PSX) Outperforms Broader Market: What You Need to Know [Yahoo! Finance]Yahoo! Finance
- Phillips 66 to Announce Second-Quarter Financial ResultsBusiness Wire
PSX
Earnings
- 4/26/24 - Miss
PSX
Sec Filings
- 6/13/24 - Form 144
- 6/5/24 - Form 3
- 6/4/24 - Form 4
- PSX's page on the SEC website