Phillips 66 sells interest in 1,700-mile Rockies Express Pipeline for $1.28 billion
(UI) – Phillips 66 has agreed to sell its 25% non-operated common equity interest in Rockies Express Pipeline LLC (REX) to a subsidiary of Tallgrass Energy, LP (TGE) for approximately $1.275 billion.
REX, a 1,714-mile pipeline system, is one of the largest natural gas pipelines in the United States and provides over 5 billion cubic feet per day of bi-directional natural gas transportation service between the Rockies, Appalachia and the northeastern United States.
TGE is the operator of the pipeline and will own 100% of the common equity interest in REX following the transaction.
“This sale is an important step in our commitment to deliver over $3 billion in asset divestitures,” said Mark Lashier, Chairman and CEO of Phillips 66. “We are committed to managing our portfolio and monetizing assets that no longer fit our long-term strategy.”
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