Phillips 66 divests natural gas assets to Voyager Midstream
Published by Isabel Stagg,
Editorial Assistant
World Pipelines,
US oil refiner Phillips 66 has divested its natural gas gathering and processing assets in east Texas to Voyager Midstream, which is backed by Pearl Energy Investments, details GlobalData.
Financial terms of the deal were not disclosed.
A company spokesperson was quoted by news agency Reuters as saying: “This transaction with Voyager Midstream Holdings is part of our plan to monetise non-core assets that are expected to generate over US$3 billion in proceeds that will be deployed to further our strategic priorities.”
Voyager said the acquisition of the assets positions it in the core of the prolific Haynesville Shale. The assets are located in Panola, Rusk and Harrison counties in Texas and Caddo parish in Louisiana.
Voyager CEO Will Harvey said: "This transaction with Phillips 66 represents an important milestone for Voyager, as it positions us for significant growth in the core of the Haynesville Shale.”
The acquisition by Voyager includes approximately 550 miles of natural gas pipelines, active cryogenic gas processing capacity of around 400 million ft3/d and liquids fractionation capacity of 12 000 bpd.
The sale also includes the Carthage Hub, a natural gas trading and delivery hub with the capacity to handle more than 1 billion ft3/d.
The hub's strategic location provides interconnectivity to various markets across the US, including premium liquefied natural gas markets in Texas and Louisiana.
Pearl Energy Investments partner Stewart Coleman said: “Voyager’s acquisition of these high-quality assets positions the company for growth and success within the Haynesville, one of the preeminent shale plays with strategic connectivity to the US Gulf Coast.
“We look forward to supporting the Voyager team as they continue to safely operate, develop and further commercialise this critical infrastructure.”
In March 2024, Reuters reported that Phillips 66 was exploring the sale of its 25% stake in the Rockies Express Pipeline (REX) for more than US$1 billion, including debt.
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