Phillips 66 to Sell Gulf Coast Express Pipeline Stake for $865 Million-March 2024-www.financetom.com

Phillips 66 to Sell Gulf Coast Express Pipeline Stake for $865 Million

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Phillips 66 to Sell Gulf Coast Express Pipeline Stake for $865 Million

Dec 16, 2024 5:33 AM

08:09 AM EST, 12/16/2024 (MT Newswires) -- Phillips 66 (PSX) said Monday it agreed to sell DCP GCX Pipeline, which holds a 25% non-operated stake in the Gulf Coast Express Pipeline, to an ArcLight Capital Partners affiliate for pre-tax proceeds of $865 million in cash, subject to adjustments.

The energy provider said the sale price represents a 10.6x multiple of implied enterprise value/EBITDA, based on expected full-year 2025 EBITDA. Proceeds will be used to support the company's "strategic priorities," including shareholder returns and debt reduction, Phillips 66 said.

Gulf Coast Express Pipeline will be co-owned by Kinder Morgan ( KMI ) and ArcLight affiliates post-sale, Phillips 66 said.

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