Phillips 66 explores sale of REX interstate pipeline stake worth over $1 billion, sources say [Reuters]
Phillips 66 (PSX)
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Source: Reuters
it hopes could be worth more than $1 billion, including debt, people familiar with the matter said on Tuesday. The Rockies Express Pipeline (REX) is a 1,700-mile interstate natural gas pipeline, stretching from Wyoming and Colorado in the Western U.S. to Eastern Ohio. Phillips 66 is working with its advisers on talks with potential buyers, which include private equity firms and infrastructure funds, the sources said, requesting anonymity as the discussions are confidential. The Houston-based company is hoping to command a premium to the stake's current book value of $451 million, the sources said, adding bidders would also need to assume debt obligations worth more than $500 million associated with the stake. A spokesperson for Phillips 66 did not immediately respond to a request for comment. Phillips 66, which has a market value of $67 billion, is aiming to raise about $3 billion from asset sales this year. In an interview earlier on Tuesday, Chief Executive Mark Lashier
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