Phillips 66, Enbridge Swap US Pipe Stakes Through JV Merger
- US refiner seeks to further expand into natural gas liquids
- Enbridge focuses on US Gulf Coast oil transportation
A Phillips 66 refinery in Rodeo, California
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Phillips 66 and Enbridge Inc. swapped interests in two major US pipelines as part of a transaction merging joint ventures between the companies.
Phillips 66 increased its ownership of DCP Midstream LP to 43.3% from 28.3% while slashing its stake in Gray Oak Pipeline LLC to 6.5% from 42.3%, the crude refiner said in a statement. The company will pay Enbridge $400 million in cash as part of the transaction.