Phillips 66 to purchase the remaining 50% ownership interest in WRB Refining LP from Cenovus Energy Inc. for $1.4 billion.
The acquisition strengthens Phillips 66's integrated business and expands its position in the industry.
Operational and commercial synergies of approximately $50 million per year are expected from the acquisition.
Full Ownership Acquisition
Phillips 66 is acquiring full ownership of the Wood River and Borger refineries, enhancing its position in the region.
Synergies and Value
The transaction is anticipated to deliver operational and commercial synergies and unlock opportunities for high-return projects.
Increased Refining Capacity
Upon closing, the acquisition will increase Phillips 66's refining capacity by approximately 250 MBD.
- The acquisition will enable full integration of the Wood River and Borger refineries into Phillips 66's value chain, leading to increased efficiencies.
- Phillips 66 expects the transaction to open doors for low-capital, high-return projects that benefit shareholders in the long term.
The purchase of the remaining interest in WRB Refining LP signifies a strategic move by Phillips 66 to enhance its refining capabilities and create value for its shareholders.