Phillips 66 to Acquire Pinnacle Midstream II LLC to Expand Midland Basin Footprint
05/20/24, 8:22 PM
Location
houstonhoustonIndustry
oil and gas
natural resources
biomass energy
oil and gas
energy
Phillips 66 has agreed to acquire Pinnacle Midland Parent LLC (Pinnacle) from private equity firm Energy Spectrum Capital for $550 million. This strategic move will expand Phillips 66's natural gas gathering and processing footprint in the Permian, integrating Pinnacle's assets, including the Dos Picos natural gas gathering and processing system, into its diversified and integrated asset portfolio.
Company Info
Location
Houston, Texas, United States
Company info
Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Headquartered in Houston, the company has 14,000 employees committed to safety and operating excellence. Phillips 66 had $57 billion of assets as of June 30, 2021. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.