Phillips 66 to Buy Pinnacle Midland Parent for $550 Million From Energy Spectrum Capital-February 2024-www.financetom.com

Phillips 66 to Buy Pinnacle Midland Parent for $550 Million From Energy Spectrum Capital

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Phillips 66 to Buy Pinnacle Midland Parent for $550 Million From Energy Spectrum Capital

May 20, 2024 2:14 PM

04:59 PM EDT, 05/20/2024 (MT Newswires) -- Phillips 66 (PSX) agreed to buy Pinnacle Midland Parent from private equity firm Energy Spectrum Capital for $550 million in cash to expand natural gas gathering and processing in the Midland Basin.

The deal is expected to close around mid-year, Phillips 66 said Monday in a statement.

Pinnacle's assets include the recently built Dos Picos natural gas gathering and processing system, featuring a 220 MMcf/d gas processing plant, 80 miles of gathering pipeline and 50,000 dedicated acres through high-quality producers in one of Phillips 66's focus basins, according to the statement.

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