Phillips 66 has announced the completion of its previously announced acquisition of EPIC Y-Grade GP, LLC and EPIC Y-Grade, LP, which own various subsidiaries and long-haul natural gas liquids pipelines, fractionation facilities and distribution systems (EPIC NGL) for total cash consideration of approximately US$2.2 billion.
“This transaction strengthens our position as a leading integrated downstream energy provider,” said Don Baldridge, Phillips 66 executive vice president of Midstream & Chemicals. “We are evolving our portfolio and enhancing our ability to provide seamless and efficient delivery of energy products. Phillips 66 will offer producers unparalleled flow assurance, while advancing a strategy that is expected to deliver attractive returns and create long-term value for our shareholders.”
The EPIC NGL business consists of two fractionators (170 000 bpd) near Corpus Christi, Texas, approximately 350 miles of purity distribution pipelines and an approximately 885 mile NGL pipeline (175 000 bpd) linking production supplies in the Delaware, Midland and Eagle Ford basins to fractionation complexes and the Phillips 66 Sweeny Hub.
The expansion project from 175 000 bpd to 225 000 bpd for the NGL pipeline is expected to be completed in 2Q25. A second expansion to increase capacity to 350 000 bpd has already been sanctioned with completion expected in the 4Q26.
The acquired assets connect Permian production to Gulf Coast refiners, petrochemical companies and export markets, and are highly integrated with the Phillips 66 asset base.
“This transaction strengthens our position as a leading integrated downstream energy provider,” said Don Baldridge, Phillips 66 executive vice president of Midstream & Chemicals. “We are evolving our portfolio and enhancing our ability to provide seamless and efficient delivery of energy products. Phillips 66 will offer producers unparalleled flow assurance, while advancing a strategy that is expected to deliver attractive returns and create long-term value for our shareholders.”
The EPIC NGL business consists of two fractionators (170 000 bpd) near Corpus Christi, Texas, approximately 350 miles of purity distribution pipelines and an approximately 885 mile NGL pipeline (175 000 bpd) linking production supplies in the Delaware, Midland and Eagle Ford basins to fractionation complexes and the Phillips 66 Sweeny Hub.
The expansion project from 175 000 bpd to 225 000 bpd for the NGL pipeline is expected to be completed in 2Q25. A second expansion to increase capacity to 350 000 bpd has already been sanctioned with completion expected in the 4Q26.
The acquired assets connect Permian production to Gulf Coast refiners, petrochemical companies and export markets, and are highly integrated with the Phillips 66 asset base.
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