Gray Oak Holdings, a joint venture between Phillips 66, an integrated energy company, and Enbridge, an operator of a crude oil and liquids pipeline system, completed the merger with DCP Midstream, a partnership engaged in the business of gathering, processing, transporting, storing and marketing natural gas, in a $400m deal. The joint venture continues to own 65% of the Gray Oak Pipeline. As part of the deal Phillips 66 increased stake in DCP Midstream from 28.26% to 43.31%. Phillips 66’s economic interest in Gray Oak Pipeline decreased from 42.25% to 6.5%. Enbridge will oversee and manage the joint venture’s interest in Gray Oak Pipeline. "We're pleased to have reached this new arrangement with P66 to optimize the combined assets and drive operational and financial synergies from both assets. It's another example of our continued focus on optimizing our portfolio and surfacing value for our shareholders, while further building out our already strong US Gulf Coast export position. We look forward to continuing our strong partnership with P66," Al Monaco, Enbridge President and CEO.