Phillips 66 to buy EPIC NGL for $2.2 billion in bid to boost Permian presence By Reuters

Phillips 66 to buy EPIC NGL for $2.2 billion in bid to boost Permian presence By Reuters

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© Reuters. FILE PHOTO: The Phillips 66 Wilmington refinery is seen after the company said it will close its major oil refinery at the end of next year, hitting California's fuel supply, in Wilmington, California, U.S., on October 17, 2024. Reuters. /Mike Blake/File photo

(Reuters) – U.S. oil refiner Phillips 66 (NYSE: ) said on Monday it will acquire EPIC Y-Grade GP and EPIC Y-Grade in an all-cash deal for $2.2 billion.

The transaction is expected to be immediately accretive to earnings per share upon closing, it added.

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