Phillips 66 to Acquire Pinnacle Midstream II LLC to Expand Midland Basin Footprint
Acquiring Company
Phillips 66
Acquired Company
Pinnacle Midstream II
HoustonHoustonEnergyOil And GasNatural ResourcesEnergyOil And GasBiomass EnergyDescription
Phillips 66 has agreed to acquire Pinnacle Midland Parent LLC (Pinnacle) from private equity firm Energy Spectrum Capital for $550 million. This strategic move will expand Phillips 66's natural gas gathering and processing footprint in the Permian, integrating Pinnacle's assets, including the Dos Picos natural gas gathering and processing system, into its diversified and integrated asset portfolio.
Quick answer
Phillips 66 is acquiring Pinnacle Midstream II, announced May 20, 2024. Phillips 66 is based in Houston, Texas, United States.
- How much did Phillips 66 pay for Pinnacle Midstream II?
- The deal value was not disclosed.
- What does Phillips 66 do?
- Phillips 66 is a diversified energy manufacturing and logistics company.
- Where are Phillips 66 and Pinnacle Midstream II based?
- Phillips 66 is based in Houston, Texas, United States. Pinnacle Midstream II is based in Houston, Texas, United States.
- Who are the decision-makers at Phillips 66?
- Fundz holds 2 contacts at Phillips 66. Names and contact details are shown to Fundz members.
Source: Fundz verified event record.
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Frequently asked
Who acquired Pinnacle Midstream II?
Pinnacle Midstream II was acquired by Phillips 66, based in Houston. The deal was reported on May 20, 2024. Phillips 66 is a diversified energy manufacturing and logistics company. Phillips 66 is publicly traded (PSX) and operates in Energy.
When did Phillips 66 acquire Pinnacle Midstream II?
Phillips 66's acquisition of Pinnacle Midstream II was reported on May 20, 2024. Phillips 66 has agreed to acquire Pinnacle Midland Parent LLC (Pinnacle) from private equity firm Energy Spectrum Capital for $550 million. Fundz records the date the transaction was first publicly reported, sourced from filings and company announcements.
What does Pinnacle Midstream II do?
Pinnacle Midland Parent LLC owns the Dos Picos natural gas system and holds rights to 50,000 acres dedicated to oil and gas production within the eastern Midland Basin region. It is privately held, operating in Energy, and is based in Houston.
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