WASHINGTON (dpa-AFX) - Phillips 66 (PSX) announced that it agreed to buy EPIC Y-Grade GP, LLC and EPIC Y-Grade, LP, which own various subsidiaries and long haul natural gas liquids pipelines, fractionation facilities and distribution systems or 'EPIC NGL' for total cash consideration of $2.2 billion.
Upon closing, the transaction is expected to be immediately accretive to earnings per share.
The EPIC NGL business consists of two fractionators (170 MBD) near Corpus Christi, Texas, approximately 350 miles of purity distribution pipelines and an approximately 885-mile NGL pipeline (175 MBD) linking production supplies in the Delaware, Midland and Eagle Ford basins to such fractionation complexes and to the Phillips 66 Sweeny Hub.
The transaction is subject to customary closing conditions, including required regulatory clearance.
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