Phillips 66 plans to form MLP

Phillips 66 plans to form a master limited partnership with some of its transportation assets although the company said it’s still evaluating which assets will go into the MLP.

The MLP is likely to include certain product and crude pipelines and terminals, rail cars, and other rail infrastructure along with natural gas liquids assets.

Phillips 66 said it expects to file a registration statement for an initial public offering with the US Securities and Exchange Commission in second-quarter 2013.

Subject to market conditions and final approval by Phillips 66’s board, the company anticipates selling a minority interest in the MLP. An IPO is expected to be launched in second-half 2013. Phillips 66 anticipates the offering could raise up to $400 million in gross cash proceeds.

Greg Garland, Phillips 66 chairman and chief executive officer, said the MLP is expected to help attract investments with which to expand transportation and midstream businesses.

Phillips 66 became an independent company from ConocoPhillips in May.

Related Articles

Financial questions seen for US shale gas, tight-oil plays

03/25/2014 Financial problems of operators in US shale gas and tight oil plays might hold production growth below current expectations, according to the autho...

DOE approves LNG exports to non-FTA countries from Oregon project

03/24/2014 The US Department of Energy conditionally approved Jordan Cove Energy Project LP’s application to export LNG through its proposed terminal on Orego...

MARKET WATCH: Front-month crude oil contract closes up, gas down on week

03/24/2014

The front-month crude oil contract ended the week higher Mar. 21 while natural gas futures prices edged slightly lower.

HSC remains closed, fuel cleanup continues after barge collision

03/24/2014 The Houston Ship Channel (HSC) remained closed to unauthorized vessels Mar. 24 as the result of a temporary emergency safety zone being established...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected