---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-002491"
form_type: "8-K"
ticker: "PSX"
cik: "0001534701"
company_name: "Phillips 66"
filed_at: "2025-01-07T23:59:59+00:00"
generated_at: "2026-05-28T08:26:39.018374+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Phillips 66 to acquire EPIC NGL for $2.2B cash

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-002491
- form_type: 8-K
- ticker: PSX
- cik: 0001534701
- company_name: Phillips 66
- filed_at: 2025-01-07T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1534701/000119312525002491/0001193125-25-002491-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1534701/000119312525002491/d924980d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-002491
- JSON: https://secwatch.observer/filing/0001193125-25-002491.json
- Plain text: https://secwatch.observer/filing/0001193125-25-002491.txt

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