Phillips 66 (NYSE:PSX) completed its acquisition of EPIC Y-Grade GP LLC and EPIC Y-Grade LP, which own various subsidiaries and long-haul natural gas liquids pipelines, fractionation facilities and distribution systems (EPIC NGL) for total cash consideration of approximately $2.2 billion.
The EPIC NGL business consists of two fractionators (170 MBD) near Corpus Christi, Texas, approximately 350 miles of purity distribution pipelines and an approximately 885-mile NGL pipeline (175 MBD) linking production supplies in the Delaware, Midland and Eagle Ford basins to fractionation complexes and the Phillips 66 Sweeny Hub.
The expansion project from 175 MBD to 225 MBD for the NGL pipeline is expected to be completed in the second quarter. A second expansion to increase capacity to 350 MBD has already been sanctioned with completion expected in the fourth quarter of 2026.
The acquired assets connect Permian production to Gulf Coast refiners, petrochemical companies and export markets, and are highly integrated with the Phillips 66 asset base.