Phillips 66 Partners — a midstream master limited partnership that went public last July — will purchase $700 million in midstream assets from Phillips 66, the company announced today. The acquisition will include Phillips 66’s Gold Line System and two brand new refinery-grade propylene storage spheres. It is the partnership’s first acquisition since the IPO. Phillips 66 Partners said the assets would contribute up to $70 million in EBITDA within the first full year of operation and capex spending could reach $4 million.
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