Phillips 66 to acquire EPIC NGL for $2.2bn.

Phillips 66, an energy manufacturing and logistics company, agreed to acquire EPIC NGL, a natural gas liquids pipelines, fractionation facilities and distribution systems operator, for $2.2bn. “This transaction bolsters Phillips 66’s position as a leading integrated downstream energy provider. This transaction optimizes our Permian NGL value chain, allows Phillips 66 to provide producers with comprehensive flow assurance, reaching fractionation facilities near Corpus Christi, Sweeny, and Mont Belvieu, Texas, and is expected to deliver attractive returns in excess of our hurdle rates,” Mark Lashier, Phillips 66 Chairman and CEO.