03:55 AM EST, 01/07/2025 (MT Newswires) -- Phillips 66 (PSX) said late Monday it has agreed to buy EPIC Y-Grade GP and EPIC Y-Grade LP, which own long-haul natural gas liquids pipelines, fractionation facilities and distribution systems, for $2.2 billion in cash.

The facilities connect Permian production to Gulf Coast refiners, petrochemical companies and export markets, the company said.

Phillips 66 Chairman and Chief Executive Mark Lashier said the deal "bolsters Phillips 66's position as a leading integrated downstream energy provider" and allows the company "to provide producers with comprehensive flow assurance, reaching fractionation facilities near Corpus Christi, Sweeny, and Mont Belvieu, Texas."

The company said the acquisition is expected to be "immediately accretive" to earnings per share.