Phillips 66 completed a previously announced acquisition of DCP Midstream’s common units in a deal with a total cash value of approximately $3.8 billion. (Source: Shutterstock)
Phillips 66 completed an acquisition of publicly held common stock representing limited partner interests in DCP Midstream for $41.75 per common unit in cash, the company said in a June 15 press release.
The deal, previously announced in January, had a total cash value of approximately $3.8 billion.
Phillips 66’s economic interest in DCP Midstream is now raised to 86.8% as a result of this deal. DCP Midstream’s common units will no longer be listed on the New York Stock Exchange.
The Houston-based energy company holds interests in midstream, chemicals, refining and marketing and specialties businesses. DCP Midstream is an MLP with a portfolio including a variety of assets, including gathering, processing, logistics and marketing.
Recommended Reading
Venture Global LNG Files Paperwork for IPO
2024-12-20 - Venture Global LNG filed initial paperwork for an IPO on Dec. 20, about a week after the company’s Plaquemines LNG facility started production.
Dividends Declared Week of Dec. 16
2024-12-20 - As fourth-quarter 2024 nears its end, here is a compilation of dividends declared from select upstream, midstream and service and supply companies.
Rising Phoenix Names Executive as New Director of Capital
2024-12-19 - Rising Phoenix Capital appointed Ben Fujihara, a tenured financial executive, to oversee the company’s capital strategy, investor relations and business development.
Natron Energy Appoints New CEO
2024-12-17 - Sodium ion battery technology company Natron Energy has appointed Wendell Brooks as the company’s new CEO to lead growth initiatives in 2025.
NOV Appoints Former Denbury CEO Chris Kendall to Board
2024-12-16 - NOV Inc. appointed former Denbury CEO Chris Kendall to its board, which has expanded to 11 directors.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.