Phillips 66 Partners agreed to buy interests in two NGL pipelines in Texas and a refined products pipeline from Phillips 66 for $1 billion.
The Sand Hills NGL Pipeline System and the Southern Hills NGL Pipeline system each carry NGLs from DCP Midstream and third party plants to fractionation facilities along the Texas Gulf Coast and in the Mont Belvieu, Texas, area. The Sand Hills system delivers NGLs from the Permian and Eagle Ford basins and the Southern Hills system provides service from the Midcontinent region. Explorer Pipeline Co. operates a line that carries refined products from the Gulf Coast to the Midwest.
Phillips 66 Partners last year acquired more than $1 billion in assets from Phillips 66, including three pipelines, two crude oil rail-unloading facilities and two propylene storage spheres.
SEE ALSO: EnLink buys Permian Basin midstream firm for $600 million
