Phillips 66 to acquire the remaining 50% stake in WRB Refining from Cenovus Energy for $1.4bn.

Phillips 66, an integrated downstream energy provider, agreed to acquire the remaining 50% stake in WRB Refining, a 50/50 joint venture between Phillips 66 and Cenovus Energy, from Cenovus Energy, a Canadian integrated oil and gas company, for $1.4bn. "With full ownership of the Wood River and Borger refineries, we are strengthening our integrated business and expanding our position in a region where we lead the industry. This acquisition is expected to deliver operational and commercial synergies of approximately $50 million per year by enabling full integration of these assets with the broader Phillips 66 value chain," Mark Lashier, Phillips 66 Chairman and CEO.