The divestiture comes as Phillips continues to consolidate its portfolio to fit with its long-term strategy, Chairman and CEO Mark Lashier said in the press release. (Source: Shutterstock)
Phillips 66 Ltd. is selling its 49% non-operated equity interest in Switzerland’s Coop Mineraloel AG (CMA) to its joint venture partner.
CMA is an operator of 324 retail sites and petrol stations in Switzerland.
Phillips 66 will receive 1.06 billion Swiss francs (US$1.24 billion) in cash from the transaction, including 1 billion Swiss francs (US$1.17 billion) and an assumed dividend of 60 million Swiss francs (US$70 million), subject to adjustment based on the amount of the dividend.
The divestiture comes as Phillips continues to consolidate its portfolio to fit with its long-term strategy, Chairman and CEO Mark Lashier said in the press release.
“This transaction marks significant progress in delivering on our commitment of over $3 billion in divestitures,” Lashier said. “As we manage our portfolio, we will continue to evaluate monetization of assets that no longer fit our long-term strategy.”
The transaction is expected to close in the first quarter of 2025 and is subject to approval by the Swiss Competition Commission.
Recommended Reading
Carbon Capture Could Be the Next Offshore Trend
2024-08-26 - Offshore interest is growing, but the carbon capture and storage technology faces significant challenges.
New Revenue Stream Opens Up With Natural Gas Decarbonization
2024-10-02 - Could a lower carbon revenue stream, focused on hydrogen and solid carbon, open up for natural gas players?
BP, Repsol-backed Startup Takes Aim at Lower Hydrogen Costs
2024-07-31 - Wisconsin-based Advanced Ionics, backed by BP and Repsol, has developed a new class of electrolyzer that uses process or waste heat already present at industrial facilities to help lower costs and electricity needs.
Johnson Matthey: Syngas Offers Path to Low-carbon Fuels, Hydrogen
2024-09-27 - With syngas, chemical makers like Johnson Matthey have hit a sweet spot in producing no- and low-carbon ammonia, hydrogen or sustainable aviation fuel.
ADNOC to Acquire Stake in Exxon’s Hydrogen, Ammonia Facility
2024-09-04 - Exxon’s Baytown facility is expected to produce up to 1 Bcf of hydrogen daily and more than 1 million tons of low-carbon ammonia per year, if it receives required regulatory permits and government policy support.
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.