Phillips 66 to buy remaining 50% of WRB Refining JV from Cenovus for $1.4B

Phillips 66

Acquires full ownership of Wood River (345 MBD) and Borger (149 MBD) refineries.
Deal is all-cash $1.4B, subject to customary purchase price adjustments; expected close Q4 2025.
Expects operational and commercial synergies of ~$50M per year via full value-chain integration.
Phillips 66 has operated both refineries since JV inception in 2007; combined capacity increase ~250 MBD.
Transaction unlocks low-capital, high-return projects for long-term shareholder value.

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