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Phillips-66-Acquires-Units-of-Pipeline-Operator-DCP-Midstream-for-3-8-Billion

Deal will help boost US refiner's liquefied natural gas business. The transaction will increase Phillips 66's ownership stake in DCP Midstream to 86.8%.

In press releases dated January 6, Phillips 66 announced that it plans to acquire more than 43% of DCP Midstream LP. The deal is worth $3.8 billion. The main goal is to expand the business in the oil & gas business.

What is known about the details of the Phillips 66 deal:

  • Barclays is the exclusive financial advisor. 
  • Bracewell LLP is the legal advisor, 
  • Morris, Nichols, Arsht & Tunnell LLP acted as special advisors in Delaware. 

The deal, the first major move by Mark Lashier, who took over as Phillips 66's chief executive, will double the Houston-based company's stake in US pipeline operator DCP Midstream to 86.8%.

DCP Midstream has integrated its platform for accumulating and processing with approximately 4,500 miles of liquefied natural gas liquids (NGL) pipelines and nearly 1,800 miles of natural gas transmission pipelines. The company's diversified Southern Hills, Sand Hills, Front Range and Texas Express pipelines connect the liquids-rich G&P regions with the growing petrochemical and energy markets of the Gulf Coast.

According to the President and CEO of Phillips 66, the company is committed to developing its upstream business. Further integration of DCP Midstream will expand opportunities for their growth.

Last month, Phillips pledged to increase spending on new projects by about 6% in 2023, focusing on maintaining its pipeline business.

The DCP transaction is expected to be accretive to Phillips 66's adjusted EBITDA by $1 billion, the refiner said in a statement.

Phillips said it expects to save at least $300 million by integrating DCP into its existing petroleum products transportation business. The company plans to finance the deal with cash and debt.

DCP Midstream is engaged in the gathering, compression, processing, refining, transportation, storage, and sale of natural gas. The Denver, Colorado-based company also specializes in the production, fractionation, transportation, storage, and sale of natural gas liquids and condensate and propane in the wholesale markets. 

DCP Midstream operates in three segments: 

  1. The Gathering & Processing segment gathers and processes raw gas to make it suitable for sale. 
  2. The Logistics & Marketing segment consists of several downstream assets, including fractionators, NGL pipelines, and NGL storage facilities. 
  3. The Growth Projects segment includes Mewbourn 3, which is a cryogenic natural gas processing facility in the DJ (Northeast Colorado and Southeast Wyoming) Basin.

What are the logistics assets for NGL transportation owned by DCP Midstream?

  • Southern Hills pipeline with a length of 980 miles and a capacity of 192 million barrels per day. A joint venture between DCP Midstream (two-thirds) and Phillips 66 (one-third).
  • Sand Hills Interstate Pipeline, 1,400 miles long with a capacity of 500 million barrels per day. A joint venture between DCP Midstream (two-thirds) and Phillips 66 (one-third).
  • Marysville gas storage facility - 11 underground salt caverns with a capacity of 8 million barrels.
  • Black Lake interstate pipeline, 300 miles long with a capacity of 80 million barrels per day.
  • Wattenberg interstate pipeline, 500 miles long with a capacity of 112 million barrels per day.
  • Panola domestic gas pipeline. DCP Midstream owns 15% of the company. The pipeline is 250 miles long and has a processing capacity of 100 million barrels per day, 
  • 450-mile-long interstate Front Range pipeline with a capacity of 260 million barrels per day. The company is shared equally among DCP Midstream, Western Gas Partners, and Enterprise Products Partners.
  • The Texas Express pipeline, 600-mile pipeline with a capacity of 370 million barrels per day. DCP Midstream owns 10% of the company.

DCP Midstream has agreed to acquire the James Lake system owned by Woodland Midstream II. This system covers production assets in the Central Permian Basin Platform in Ector, Andrews, and Winkler counties, Texas. The Denver-based company has acquired assets valued at $160 million to increase DCP's gathering capacity in the Permian Basin. 

The company said in a press release that the agreement to expand DCP's Permian Basin business will provide additional volumes for downstream assets. The James Lake system is located about 3 miles from DCP's Goldsmith processing plant in the Permian Basin. According to the company, the acquisition is an accretive transaction representing an EBITDA multiple of approximately 5.5 times.

The James Lake system includes 230 miles of gathering pipelines and a processing facility with a capacity of 120 MMcf/day. The Woodland Midstream II transaction and asset acquisition create a significant combination with Goldsmith's processing plant in Texas.

To get deeper into midstream companies, their assets, and related deals, please, contact our Houston sales office or SCHEDULE A DEMO to learn how Rextag can help you leverage energy data for your business.

Tel. +1 713-203-3128 Email: treitmeier@hartenergy.com

Enbridge agreed to acquire the Tres Palacios gas storage facility in Texas for $335 million

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Enbridge acquired Tres Palacios natural gas storage facility in Texas for $335 million, adding approximately 35 Bcf of natural gas storage to their portfolio. The facility uses salt caverns for storage and has a gas header pipeline system that spans 62 miles and links to 11 major gas pipelines. Crestwood Equity Partners LP intends to divest its interests in Tres Palacios by the second quarter.

Energy Transfer to Finish Mariner East Expansion in Pennsylvania Despite Opposition

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Energy Transfer LP plans to finish the final phase of its long-delayed Mariner East 2 NGL pipeline expansion in Pennsylvania in the third quarter.

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Enbridge acquired Tres Palacios natural gas storage facility in Texas for $335 million, adding approximately 35 Bcf of natural gas storage to their portfolio. The facility uses salt caverns for storage and has a gas header pipeline system that spans 62 miles and links to 11 major gas pipelines. Crestwood Equity Partners LP intends to divest its interests in Tres Palacios by the second quarter.

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The U.S. natural gas pipeline network is a complex system of pipelines that transport natural gas from production areas to consumers across the country. The pipeline network consists of three main types of pipelines: gathering pipelines, transmission pipelines, and distribution pipelines. Gathering pipelines are small-diameter pipelines that transport natural gas from production wells to processing facilities or larger transmission pipelines. Transmission pipelines are large-diameter pipelines that transport natural gas over long distances, sometimes across multiple states. Distribution pipelines operate at low pressure and are located in or near urban areas. They are often referred to as "utility pipelines" because they are typically owned and operated by local gas utility companies.

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Diamondback Energy, an independent oil and gas company, has successfully completed the acquisition of Lario Permian, marking the closure of two major deals in the fourth quarter of 2022. The company purchased two private operators in the Midland Basin for approximately $3.3 billion.

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