Texas Oil Refiner Puts Up $700M For Parent's Pipeline, Storage

Law360, New York (February 13, 2014, 4:23 PM EST) -- Houston-based oil refiner Phillips 66 Partners LP will shell out $700 million for parent company Phillips 66’s pipeline system and two refinery-grade propylene storage spheres, marking its first acquisition since going public in July, according to a Thursday statement.

Under the terms of the transaction, Phillips 66 Partners will pay $400 million in cash-on-hand, pay $160 million over five years to a separate Phillips 66 subsidiary, and issue additional units valued at $140 million, according to a statement.

The deal highlights Phillips 66 Partners’ push to...
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