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Phillips 66 to Acquire Pinnacle Midstream II LLC to Expand Midland Basin Footprint

May 20, 2024•over 1 year ago

Acquiring Company

Phillips 66

Acquired Company

Pinnacle Midstream II

HoustonHoustonOil And GasNatural ResourcesBiomass EnergyOil And GasEnergy

Description

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.

Company Information

Company

Phillips 66

Location

Houston, Texas, United States

About

Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Headquartered in Houston, the company has 14,000 employees committed to safety and operating excellence. Phillips 66 had $57 billion of assets as of June 30, 2021. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.

M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed