Phillips 66 Partners Acquires Additional Stake in Explorer Pipeline
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Phillips 66 Partners LP has agreed to acquire an additional 2.5 percent equity interest in Explorer Pipeline Company. This acquisition will result in the partnership having a total ownership interest of approximately 22 percent.
Explorer is recognized as one of the nation’s leading petroleum products transporters serving more than 70 major cities in 16 states. Its 1,830-mile pipeline transports gasoline, diesel, fuel oil and jet fuel with an average flow of more than 600,000 barrels per day.
The acquisition is expected to be immediately accretive to unitholders and funded with cash and borrowings under the partnership’s revolving credit facility.
About Phillips 66 Partners
Headquartered in Houston, Phillips 66 Partners is a growth-oriented master limited partnership formed by Phillips 66 to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum product and natural gas liquids pipelines and terminals and other transportation and midstream assets.
To stop by Phillips 66 Partners’ website, CLICK HERE
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