Phillips 66 has signed a definitive agreement to acquire all of the publicly held common units representing limited partner interests in DCP Midstream for cash consideration of $41.75 per common unit.
The deal increases Phillips 66’s economic interest in DCP Midstream to 86.8 percent and integrates the company into its existing midstream business. Phillips 66 said it plans to fund the $3.8 billion transaction through a combination of cash and debt.
“We are delivering on our commitment to grow our NGL business,” said Mark Lashier, president and CEO of Phillips 66. “Our wellhead-to-market platform captures the full NGL value chain. As we continue integrating DCP Midstream, we are unlocking significant synergies and growth opportunities.”
In August 2022, Phillips 66 submitted a non-binding proposal to the board of directors of the