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Phillips 66 Announces Agreement To Acquire Phillips 66 Partners

Oct 27, 2021•about 4 years ago

Acquiring Company

Phillips 66

Acquired Company

Phillips 66

HoustonHoustonOil And GasNatural ResourcesOil And GasNatural Resources

Description

Phillips 66 (NYSE: PSX) and Phillips 66 Partners (“PSXP” or the “Partnership”) (NYSE: PSXP) announced today that they have entered into a definitive agreement for Phillips 66 to acquire all of the publicly held common units representing limited partner interests in the Partnership not already owned by Phillips 66 and its affiliates.

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