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Phillips 66 completes acquisition of DCP Midstream, increasing economic interest to 86.8%.
Positive
Phillips 66 acquires all publicly held common units of DCP Midstream for $3.8 billion.
Increased economic interest in DCP Midstream to 86.8%.
Negative
DCP Midstream's common units will no longer be listed on the New York Stock Exchange.
HOUSTON & DENVER--(BUSINESS WIRE)--
Phillips 66 (NYSE: PSX) and DCP Midstream, LP (NYSE: DCP) completed the previously announced acquisition by Phillips 66 of all the publicly held common units representing limited partner interests in DCP Midstream for $41.75 per common unit in cash at a total value of approximately $3.8 billion, increasing its economic interest in DCP Midstream to 86.8%.
Effective with the opening of markets today, DCP Midstream’s common units will no longer be listed on the New York Stock Exchange.
About Phillips 66 and DCP Midstream
Phillips 66 (NYSE: PSX) manufactures, transports and markets products that drive the global economy. The diversified energy company’s portfolio includes Midstream, Chemicals, Refining, and Marketing and Specialties businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future.
DCP Midstream, LP is a master limited partnership with a diversified portfolio of gathering, processing, logistics and marketing assets.
we’re an energy company that connects growing resources to expanding markets. the dcp midstream enterprise is the largest producer of ngls and natural gas processing company in the u.s. in fact, we gather and/or process about 12% of our nation’s gas supply. while we’re a growing company, one of the largest in the nation providing fully integrated midstream services, our 3,200 employees will tell you that dcp midstream feels like a small company. we’re deeply invested in career development for the long term. we offer competitive compensation and broad benefits including 401k match, wellness focused medical, tuition reimbursement, employee-matching charitable gifts and much more!
