Phillips 66 To Buy Pinnacle Midstream From Energy Spectrum Capital For Cash Consideration Of $550M
Portfolio Pulse from Benzinga Newsdesk
Phillips 66 (PSX) is set to acquire Pinnacle Midstream from Energy Spectrum Capital for $550 million in cash. This strategic move aims to expand Phillips 66's natural gas gathering and processing operations in the Midland Basin. The transaction is expected to close around mid-2024, pending customary closing conditions and regulatory approvals.
May 20, 2024 | 8:16 pm
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Phillips 66 (PSX) is acquiring Pinnacle Midstream for $550 million to expand its natural gas operations in the Midland Basin. The deal is expected to close mid-2024, pending regulatory approvals.
The acquisition of Pinnacle Midstream is a strategic move for Phillips 66 to enhance its natural gas gathering and processing capabilities in the Midland Basin. This expansion is likely to positively impact PSX's stock price in the short term as it strengthens its market position.
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