Phillips 66 completed the acquisition of Pinnacle Midstream from Energy Spectrum Capital for $550m.

Phillips 66, a diversified and integrated downstream energy provider, completed the acquisition of Pinnacle Midstream, an independent midstream energy company, from Energy Spectrum Capital, a private equity firm, for $550m. "We are growing our Midstream business in the Permian to further strengthen and expand our service offerings to customers while driving operational and commercial synergies. Pinnacle is a bolt-on asset that advances our wellhead-to-market strategy and complements our diversified and integrated asset portfolio. Further, this transaction aligns with our long-term objectives to build out our natural gas liquids value chain, be disciplined with our capital allocation and create sustainable value for our shareholders," Mark Lashier, Phillips 66 Chairman and CEO.