{"id":1799170,"date":"2023-01-08T11:35:58","date_gmt":"2023-01-08T16:35:58","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1799170"},"modified":"2023-01-08T11:36:09","modified_gmt":"2023-01-08T16:36:09","slug":"phillips-66-buys-public-units-of-pipeline-operator-dcp-midstream-for-3-8-billion","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/phillips-66-buys-public-units-of-pipeline-operator-dcp-midstream-for-3-8-billion\/","title":{"rendered":"Phillips 66 Buys Public Units Of Pipeline Operator DCP Midstream For $3.8 Billion"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fphillips-66-buys-public-units-of-pipeline-operator-dcp-midstream-for-3-8-billion%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1799170&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<p>Phillips 66 people said so Friday It acquired all DCP units publicly held by the public Midstream LP in a sweetened deal that value the <a href=\"https:\/\/www.theepochtimes.com\/t-pipeline\">pipeline<\/a> operator at about $8.7 billion and will help bulk up the U.S. refiner\u2019s natural gas liquids business.<\/p>\n<p>The deal, the first major step by Mark Lashier Who took over as chief executive Phillips 66 July last year, will double the company\u2019s stake in DCP Midstream To 86.8 percent<\/p>\n<p>Phillips Last month, the company pledged to increase spending on new projects in 2023 by about 6 percent, with a particular focus on boosting its pipeline businesses.<\/p>\n<p>The Houston, TexasThe public units are being purchased by a -based refiner at $3.8 billion, or $41.75\/share, compared to its previous offer, which was $34.75\/share. DCP Midstream\u2019s shares rose nearly 6.4 percent to $41.84, while those of Phillips 66 were up by 1.1 percent<\/p>\n<p>The DCP deal is expected generate an additional $1B in adjusted EBITDA Phillips 66, the refiner stated in a statement.<\/p>\n<p>Phillips It expects to save at most $300 million by integrating DCP in its existing midstream business.<\/p>\n<p>The The refiner plans on financing the deal using a combination of debt and cash.<\/p>\n<p>The All-cash Deal, which was approved by Phillips as DCP\u2019s majority unit owner, is expected to close in the second quarter of 2023.<\/p>\n<p>DCP is not soliciting approval of the deal by any other holders of the company\u2019s common unit.<\/p>\n<p>Canadian pipeline operator Enbridge owns the remaining 13.2 percent in DCP\u2019s general partner.<\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-reuters\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/reuters-logo-.jpg\" alt=\"Reuters\"   style=\"display:none\"><\/a>\n\t\t\t\t\t<\/div>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Phillips 66 people said so Friday It acquired all DCP units publicly held by the public Midstream LP in a sweetened deal that value the pipeline operator at about $8.7 billion and will help bulk up the U.S. refiner\u2019s natural gas liquids business. The deal, the first major step by Mark Lashier Who took over &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1695410,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[13935,5458,7961,13934,13936,13933,13937,4950,3799,3819,10289],"class_list":["post-1799170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-3-8","tag-bongino","tag-buys","tag-dcp","tag-midstream","tag-operator","tag-phillips","tag-pipeline","tag-public","tag-report","tag-units"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1799170","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1799170"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1799170\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1695410"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1799170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1799170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1799170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}