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Phillips 66 reached a deal to sell its 25% interest in one of the largest US natural gas pipelines to the system’s majority owner, Tallgrass Energy LP, for about $1.3 billion.
The sale of the Rockies Express Pipeline stake is part of Phillips 66’s push to divest more than $3 billion in assets, the Houston-based oil refiner said in a statement Friday. Tallgrass will own 100% of the system when the deal closes on Friday.
The sale, which includes debt, will generate about $685 million in cash, pretax, for Phillips 66.
Rockies Express stretches for about 1,700 miles, moving more than 5 billion cubic feet of gas each day between the Rocky Mountains and US East Coast.
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