Phillips 66 to acquire EPIC NGL for $2.2B cash

Phillips 66

Base purchase price $2.2B in cash; subject to customary adjustments for working capital, debt, etc.
Acquires two fractionators (170 MBD) near Corpus Christi, ~350 miles purity pipelines, ~885-mile NGL pipeline (175 MBD).
Pipeline expansion to 225 MBD underway; second expansion sanctioned to 350 MBD; no 2025 capex increase.
Expected to be immediately accretive to EPS; optimizes Permian NGL value chain and provides flow assurance to producers.
Funding from cash on hand and short-term debt; closing subject to HSR clearance.

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