05:01 PM EDT, 10/14/2024 (MT Newswires) -- Phillips 66 (PSX) said Monday that its unit agreed to sell its 49% non-operated equity interest in Coop Mineraloel to its Swiss joint venture partner for 1.06 billion Swiss francs ($1.24 billion), including an assumed dividend of 60 million Swiss francs.

"This transaction marks significant progress in delivering on our commitment of over $3 billion in divestitures," said Chairman and CEO Mark Lashier. "We will continue to evaluate monetization of assets that no longer fit our long-term strategy."

Phillips said it will use the proceeds for strategic priorities, including returns to shareholders. It expects to close the deal in Q1 2025.

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