Phillips 66 (PSX) said it completed the acquisition of EPIC Y-Grade GP, LLC and EPIC Y-Grade, LP for about $2.2 billion in cash.
The acquired companies own subsidiaries and assets, including long-haul natural gas liquids pipelines, fractionation facilities, and distribution systems, Phillips 66 said late Tuesday.
The assets connect Permian production to Gulf Coast refiners, petrochemical companies, and export markets and are "highly integrated with the Phillips 66 asset base," it said.
Phillips 66 said an expansion of the natural gas liquids pipeline to 225,000 barrels per day from 175,000 bpd is expected in Q2. A second expansion to 350,000 bpd is slated for completion in Q4 2026.
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