Phillips 66 To Sell 25% Stake In Rockies Express Pipeline To Tallgrass Energy For $1.275B; Generates $685M Pre-Tax Cash Proceeds; Supports $3B Asset Divestiture Commitment And Strategic Priorities Including Shareholder Returns
Portfolio Pulse from Benzinga Newsdesk
Phillips 66 (PSX) is selling a 25% stake in the Rockies Express Pipeline to Tallgrass Energy for $1.275 billion. This transaction will generate $685 million in pre-tax cash proceeds and supports Phillips 66's $3 billion asset divestiture commitment and strategic priorities, including shareholder returns.
June 14, 2024 | 12:30 pm
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Phillips 66 is selling a 25% stake in the Rockies Express Pipeline to Tallgrass Energy for $1.275 billion, generating $685 million in pre-tax cash proceeds. This move supports their $3 billion asset divestiture commitment and strategic priorities, including shareholder returns.
The sale of the stake in the Rockies Express Pipeline will provide Phillips 66 with significant cash proceeds, which will help the company meet its asset divestiture goals and support strategic priorities, including enhancing shareholder returns. This is likely to be viewed positively by investors.
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