Philips 66 announces asset sale to master limited partnership

Energy manufacturing and logistics firm Phillips 66 announced on Friday that it would be selling assets back to its master limited partnership (MLP), Phillips 66 Partners, as part of a deal worth $2.4bn, including debt, making it the latter's biggest acquisition to date.

The MLP confirmed that it would be purchasing a 25% stake in two of the refiner's Bakken basin pipelines, as well as a 100% interest in the Merey Sweney coke processing division.

Phillips 66's assets in the Bakken basin, Dakota Access and Energy Transfer Crude Oil Company, hold a combined 1,926 miles of pipelines and have a capacity of 520,000 barrels of oil equivalents per day.

The deal was expected to close in the first two weeks of October.

As of 1410 BST, Phillips 66 Partners shares were flat on $48.52 each, with Phillips 66 shares also holding steady at $89.14 each.