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.”
Related News
From Archive
- TxDOT advances massive drainage tunnel beneath I-35 in Austin
- Glenfarne Alaska LNG targets late-2026 construction start for 807-mile pipeline project
- U.S. water reuse boom to fuel $47 billion in infrastructure spending through 2035
- $2.3 billion approved to construct 236-mile Texas-to-Gulf gas pipeline
- Major water pipe break in Puerto Rico hits over 165,000 customers
- Pennsylvania American Water launches interactive map to identify, replace lead water service lines
- Trump's tariffs drive $33 million cost increase for Cincinnati sewer project
- Utah city launches historic $70 million tunnel project using box jacking under active rail line
- Tulsa residents warned after sewer lines damaged by boring work
- Fatal trench collapse halts sewer construction in Massachusetts; two workers hospitalized
Comments