Phillips 66, a diversified energy manufacturing and logistics company, completed the acquisition of Phillips 66 Partners, a master limited partnership, for $3.4bn. "We are announcing an agreement to acquire all outstanding units of Phillips 66 Partners. We believe this acquisition will allow both PSX shareholders and PSXP unitholders to participate in the value creation of the combined entities, supported by the strong financial position of Phillips 66," Greg Garland, Phillips 66 Chairman and CEO.