Phillips 66 to Sell $865 Million Stake in 500-Mile Gulf Coast Express Pipeline to ArcLight
The sale of DCP GCX Pipeline LLC, which owns the stake in Gulf Coast Express, will help Phillips 66 surpass its $3 billion asset divestiture target set as part of its strategic priorities.
Phillips 66 announced an agreement to sell its 25% non-operated equity interest in the Gulf Coast Express Pipeline to an affiliate of ArcLight Capital Partners for $865 million in cash, subject to adjustments.
The 500-mile Gulf Coast Express Pipeline transports about 2 billion cubic feet of natural gas per day from the Permian Basin to the Agua Dulce area in Texas. After the transaction, the pipeline will be co-owned by subsidiaries of Kinder Morgan and affiliates of ArcLight Capital Partners.
The sale of DCP GCX Pipeline LLC, which owns the stake in Gulf Coast Express, will help Phillips 66 surpass its $3 billion asset divestiture target set as part of its strategic priorities.
“With this transaction, we have exceeded our $3 billion asset divestiture target established in our strategic priorities. We intend to continue to optimize the portfolio and rationalize non-core assets going forward,” said Mark Lashier, chairman and CEO of Phillips 66. “The evolution of our portfolio underscores our position as a leading integrated downstream energy provider, enhancing shareholder value and positioning the company for the future.”
Phillips 66 said the sale price reflects an enterprise value-to-EBITDA multiple of 10.6x based on expected 2025 EBITDA. Proceeds will be used to support the company’s strategic priorities, including shareholder returns and debt reduction.
The transaction is expected to close in January 2025.
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Dexter®: Original Sin (Dec. 13)
The prequel series Dexter®: Original Sin stars Patrick Gibson as America’s favorite serial killer. Set in 1991 Miami, the show follows Dexter as he transitions from student to avenging murderer. When he can no longer ignore his bloodthirsty urges, Dexter realizes he must learn to channel his inner darkness. Guided by his father, Harry (Christian Slater), he adopts a code designed to help him find and kill those who deserve to be eliminated from society. Dexter must do this without winding up on law enforcement’s radar – a particular challenge once he begins a forensics internship at the Miami Metro Police Department.
In addition to Gibson and Slater, this 10-episode drama stars Molly Brown, James Martinez, Christina Milian, Alex Shimizu, Reno Wilson, with Patrick Dempsey, and special guest star Sarah Michelle Gellar.
And, yes, Dexter® fans: Michael C. Hall, who earned multiple Emmy® nominations as the original Dexter Morgan in Dexter® and Dexter®: New Blood, is back for Dexter®: Original Sin. He’ll provide the voice of Young Dexter's inner monologue.
Dexter®: Original Sin premieres Friday, Dec. 13, on Paramount+ with the Paramount+ with SHOWTIME® plan only. New episodes will drop weekly.
No matter what your mood, you'll find something to stream on Paramount+. Watch Now!
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