June 18, 2024 [Reuters]- U.S. oil refiner Phillips 66 said on Friday it would sell its 25% stake in the Rockies Express Pipeline (REX) for about $1.28 billion, including debt, to a subsidiary of Tallgrass Energy.
“This sale is an important step in our commitment to deliver over $3 billion in asset divestitures,” Phillips 66 CEO Mark Lashier said in a statement.
REX, a 1,714-mile (2758.42 km) pipeline system, is one of the largest natural gas pipelines in the U.S. and provides over 5 billion cubic feet per day of bi-directional natural gas transportation service between the Rockies, Appalachia and the northeastern United States.
The sale, previously flagged by Reuters, will provide about $685 million in after-tax proceeds, the company said. Phillips 66 shares were off less than 1% at $136.82 in morning trading.
Privately owned Tallgrass Energy operates the pipeline and owns the remaining 75% stake.
The transaction is expected to close on Friday.
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