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Phillips 66 to sell 25% stake in Rockies Pipeline

Published by , Editorial Assistant
World Pipelines,

US oil refiner Phillips 66 said on Friday 14 June, 2024, it would sell its 25% stake in the Rockies Express Pipeline (REX) for about US$1.28 billion, including debt, to a subsidiary of Tallgrass Energy, reports Reuters.

"This sale is an important step in our commitment to deliver over US$3 billion in asset divestitures," Phillips 66 CEO Mark Lashier said in a statement.

REX, a 1714 mile (2758.42 km) pipeline system, is one of the largest natural gas pipelines in the US and provides over 5 billion ft3/d of bi-directional natural gas transportation service between the Rockies, Appalachia and the northeastern United States.

The sale, previously flagged by Reuters, will provide about US$685 million in after-tax proceeds, the company said. Phillips 66 shares were off less than 1% at US$136.82 in morning trading.

Privately owned Tallgrass Energy operates the pipeline and owns the remaining 75% stake.

The transaction is expected to close on Friday.



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