Phillips 66 announced an agreement to purchase the remaining 50% interest in WRB Refining LP from Cenovus Energy for approximately $2.2 billion in cash.
The transaction will give Phillips 66 full ownership of the joint‑venture refinery complex in Wood River and Roxana, Illinois, expanding control of its refinery assets and optimizing integration with its upstream operations.
The deal is expected to close during the fourth quarter of 2025.