Phillips 66 (PSX) Eyes Pipeline Stake Sale Worth More Than $1B [Yahoo! Finance]
Phillips 66 (PSX)
Last phillips 66 earnings: 5/1 07:00 am
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Source: Yahoo! Finance
Pipeline (“REX”), a move that could fetch more than $1 billion, per a Reuters report. The company, which aims to generate approximately $3 billion from asset sales this year, is reportedly working with advisors to engage potential buyers, including private equity firms and infrastructure funds. REX is structured as a limited liability company, with 25% ownership held by a Phillips 66 subsidiary and 75% owned by Tallgrass Energy Partners, L.P.'s division. Operations of the pipeline are managed by Tallgrass NatGas Operator, LLC. The REX pipeline, stretching more than 1,700 miles as an interstate natural gas pipeline, spans from Wyoming and Colorado to eastern Ohio. Phillips 66 hopes to secure a premium to the stake's current book value of $451 million, per the report. However, bidders interested in acquiring the stake would need to assume debt obligations exceeding $500 million associated with the asset. Mark Lashier, CEO of PSX, confirmed in an interview with Reuters that the com
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News
- Phillips 66 (PSX) Q1 2024 Earnings Call Transcript [Yahoo! Finance]Yahoo! Finance
- Phillips 66 (PSX) Q1 Earnings Miss, Revenues Increase Y/Y [Yahoo! Finance]Yahoo! Finance
- Phillips 66 Reports 1Q 2024 Financial Results, Highlights Strategic Priorities Progress [Yahoo! Finance]Yahoo! Finance
- Phillips 66 Reports 1Q 2024 Financial Results, Highlights Strategic Priorities ProgressBusiness Wire
- Commodity Roundup: Oil, gold firm ahead of U.S. GDP data, natgas down [Seeking Alpha]Seeking Alpha
PSX
Earnings
- 4/26/24 - Miss
PSX
Sec Filings
- 4/26/24 - Form 8-K
- 4/22/24 - Form PX14A6G
- 4/4/24 - Form 8-K
- PSX's page on the SEC website