---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-198846"
form_type: "8-K"
ticker: "PSX"
cik: "0001534701"
company_name: "Phillips 66"
filed_at: "2025-09-09T23:59:59+00:00"
generated_at: "2026-05-17T07:17:33.768809+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-198846
- form_type: 8-K
- ticker: PSX
- cik: 0001534701
- company_name: Phillips 66
- filed_at: 2025-09-09T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1534701/000119312525198846/0001193125-25-198846-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1534701/000119312525198846/d16778d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-198846
- JSON: https://secwatch.observer/filing/0001193125-25-198846.json
- Plain text: https://secwatch.observer/filing/0001193125-25-198846.txt

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