Phillips 66 completes $3.8B acquisition of DCP Midstream common units; interest increases to 86.8%

Phillips 66

Phillips 66 paid $41.75 per public common unit in cash, total consideration ~$3.8B.
Economic interest in DCP Midstream increases from 43.3% to 86.8% post-merger.
DCP Midstream common units ceased trading on NYSE effective June 15, 2023.
Acquisition funded with cash on hand, March 2023 debt issuance, and $1.25B delayed draw term loan maturing June 2026.
Sponsor-owned units (DCP Midstream, LLC and DCP GP) unaffected; remained outstanding.

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