---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-167467"
form_type: "8-K"
ticker: "PSX"
cik: "0001534701"
company_name: "Phillips 66"
filed_at: "2023-06-15T23:59:59+00:00"
generated_at: "2026-06-14T00:08:31.522839+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-23-167467
- form_type: 8-K
- ticker: PSX
- cik: 0001534701
- company_name: Phillips 66
- filed_at: 2023-06-15T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1534701/000119312523167467/0001193125-23-167467-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1534701/000119312523167467/d502095d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-167467
- JSON: https://secwatch.observer/filing/0001193125-23-167467.json
- Plain text: https://secwatch.observer/filing/0001193125-23-167467.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.