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Midstream energy player Phillips 66 Partners LP recently announced the signing of a deal worth $2.4 billion with parent company Phillips 66 (PSX - Free Report) .
Slated to close by early October, the deal will allow the partnership to buy 25% stake of Phillips 66 in each of Energy Transfer Crude Oil Company, LLC and Dakota Access, LLC. It is to be noted that the remaining 75% stake in Energy Transfer Crude Oil Company and Dakota Access, LLC lies with Bakken Holdings Company, LLC. Energy Transfer Partners, L.P. owns 60% stake in Bakken Holdings Company.
Investors should know that Dakota Access, LLC and Energy Transfer Crude Oil Company, LLC own and operate the Bakken Pipeline that includes both Dakota Access Pipeline (DAPL) and Energy Transfer Crude Oil Pipeline (ETCOP). The Bakken Pipeline spreads over 1,926 miles and has a capacity to transport 520,000 barrels of crude every day.
Also per the agreement, Phillips 66 Partners is expected to purchase 100% stake in Merey Sweeny LP, which owns coke processing plants at the Sweeny refinery of Phillips 66.
This will mark the largest ever transaction for Phillips 66 Partners. The addition of pipeline assets will provide the partnership with stable fee-based revenues. This will generate lucrative cash distributions for the unit holders. Phillips 66 Partners revealed that the transaction will grow its distribution by 30% and will also help generate $1.1 billion in annual operating income by 2018.
Based in Houston, TX, Phillips 66 is primarily involved in crude oil refining and marketing. The company, in its current form, came into existence following the 2012 spin-off of ConocoPhillips' (COP - Free Report) downstream business into a separate, independent and publicly traded entity.
4 Stocks to Watch after the Massive Equifax Hack
Cybersecurity stocks spiked on recent news of a data breach affecting 143 million Americans. But which stocks are the best buy candidates right now? And what does the future hold for the cybersecurity industry?
Equifax is just the most recent victim. Computer hacking and identity theft are more common than ever. Zacks has just released Cybersecurity! An Investor’s Guide to inform Zacks.com readers about this $170 billion/year space. More importantly, it highlights 4 cybersecurity picks with strong profit potential.
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Phillips 66 Partners Plans $2.4B Bakken Assets Acquisition
Midstream energy player Phillips 66 Partners LP recently announced the signing of a deal worth $2.4 billion with parent company Phillips 66 (PSX - Free Report) .
Slated to close by early October, the deal will allow the partnership to buy 25% stake of Phillips 66 in each of Energy Transfer Crude Oil Company, LLC and Dakota Access, LLC. It is to be noted that the remaining 75% stake in Energy Transfer Crude Oil Company and Dakota Access, LLC lies with Bakken Holdings Company, LLC. Energy Transfer Partners, L.P. owns 60% stake in Bakken Holdings Company.
Investors should know that Dakota Access, LLC and Energy Transfer Crude Oil Company, LLC own and operate the Bakken Pipeline that includes both Dakota Access Pipeline (DAPL) and Energy Transfer Crude Oil Pipeline (ETCOP). The Bakken Pipeline spreads over 1,926 miles and has a capacity to transport 520,000 barrels of crude every day.
Also per the agreement, Phillips 66 Partners is expected to purchase 100% stake in Merey Sweeny LP, which owns coke processing plants at the Sweeny refinery of Phillips 66.
This will mark the largest ever transaction for Phillips 66 Partners. The addition of pipeline assets will provide the partnership with stable fee-based revenues. This will generate lucrative cash distributions for the unit holders. Phillips 66 Partners revealed that the transaction will grow its distribution by 30% and will also help generate $1.1 billion in annual operating income by 2018.
Based in Houston, TX, Phillips 66 is primarily involved in crude oil refining and marketing. The company, in its current form, came into existence following the 2012 spin-off of ConocoPhillips' (COP - Free Report) downstream business into a separate, independent and publicly traded entity.
4 Stocks to Watch after the Massive Equifax Hack
Cybersecurity stocks spiked on recent news of a data breach affecting 143 million Americans. But which stocks are the best buy candidates right now? And what does the future hold for the cybersecurity industry?
Equifax is just the most recent victim. Computer hacking and identity theft are more common than ever. Zacks has just released Cybersecurity! An Investor’s Guide to inform Zacks.com readers about this $170 billion/year space. More importantly, it highlights 4 cybersecurity picks with strong profit potential.
Get the new Investing Guide now>>