Phillips 66 completes sale of majority interest in Germany and Austria retail marketing business
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HOUSTON--(BUSINESS WIRE)--
Phillips 66 (NYSE: PSX) today announced it has closed the sale of a 65 percent interest in its Germany and Austria retail marketing business to a consortium owned by subsidiaries of Energy Equation Partners and Stonepeak. Phillips 66 will retain a 35 percent non-operated interest in the new joint venture company which will hold the retail marketing business.
“We are executing with discipline and a clear strategy to create long-term shareholder value,” said Mark Lashier, chairman and CEO of Phillips 66. “This transaction strengthens the balance sheet and optimizes our portfolio by monetizing non-core assets at attractive valuations."
Lashier added, “Since 2022 we have sold over $5 billion in assets and enhanced our position in the U.S. Central Corridor and Gulf Coast.”
The transaction values the Germany and Austria retail marketing business at an enterprise value of approximately €2.5 billion (approximately $2.8 billion). At closing, Phillips 66 received approximately €1.5 billion (about $1.6 billion) in pre-tax proceeds.
Phillips 66 Continental GmbH also entered into a multi-year agreement for the supply of product to the joint venture from the Mineraloelraffinerie Oberrhein GmbH & Co. KG (MiRO) Refinery.
About Phillips 66
Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, TX, 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. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.
