Phillips 66 Acquires Remaining PSXP Units for $1.7B
Ticker: PSX · Form: 8-K · Filed: Oct 17, 2024 · CIK: 1534701
| Field | Detail |
|---|---|
| Company | Phillips 66 (PSX) |
| Form Type | 8-K |
| Filed Date | Oct 17, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.01, $604.9 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, merger, midstream
Related Tickers: PSXP
TL;DR
PSX bought out the rest of PSXP for $1.7B, simplifying things.
AI Summary
On October 16, 2024, Phillips 66 announced the completion of its acquisition of all outstanding common units of Phillips 66 Partners LP not already owned by Phillips 66. The transaction was valued at approximately $1.7 billion, including the assumption of debt. This move consolidates Phillips 66's midstream assets and simplifies its corporate structure.
Why It Matters
This acquisition consolidates Phillips 66's midstream assets, potentially leading to cost synergies and a more streamlined corporate structure, which could benefit shareholders.
Risk Assessment
Risk Level: medium — The acquisition involves a significant financial transaction and integration of assets, which carries inherent execution and financial risks.
Key Numbers
- $1.7B — Acquisition Value (Total consideration for the acquisition of Phillips 66 Partners LP common units, including debt.)
Key Players & Entities
- Phillips 66 (company) — Acquiring entity
- Phillips 66 Partners LP (company) — Acquired entity
- $1.7 billion (dollar_amount) — Transaction value
- October 16, 2024 (date) — Completion date of acquisition
FAQ
What was the primary purpose of this 8-K filing?
The filing announces the completion of Phillips 66's acquisition of all outstanding common units of Phillips 66 Partners LP not already owned by Phillips 66.
What is the total value of the transaction?
The transaction is valued at approximately $1.7 billion, which includes the assumption of debt.
When did the acquisition officially close?
The acquisition was completed on October 16, 2024.
What entity was acquired by Phillips 66?
Phillips 66 acquired the remaining outstanding common units of Phillips 66 Partners LP.
What is the ticker symbol for Phillips 66?
The ticker symbol for Phillips 66 is PSX.
Filing Stats: 574 words · 2 min read · ~2 pages · Grade level 12.5 · Accepted 2024-10-17 07:00:29
Key Financial Figures
- $0.01 — nge on which registered Common stock, $0.01 par value PSX New York Stock Exchan
- $604.9 million — County (the "Court"), in the amount of $604.9 million in compensatory damages. The Court has
Filing Documents
- d854598d8k.htm (8-K) — 24KB
- 0001193125-24-238419.txt ( ) — 139KB
- psx-20241016.xsd (EX-101.SCH) — 3KB
- psx-20241016_lab.xml (EX-101.LAB) — 17KB
- psx-20241016_pre.xml (EX-101.PRE) — 11KB
- d854598d8k_htm.xml (XML) — 3KB
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Phillips 66 Dated: October 16, 2024 By: /s/ Vanessa Allen Sutherland Vanessa Allen Sutherland Executive Vice President 3