Houston, Dec 02 — Phillips 66 (NYSE: PSX) today announced it has closed the sale of a 65 percent interest in its Germany and Austria retail marketing business to a consortium owned by subsidiaries of Energy Equation Partners and Stonepeak. Phillips 66 will retain a 35 percent non-operated interest in the new joint venture company which will hold the retail marketing business.
“We are executing with discipline and a clear strategy to create long-term shareholder value,” said Mark Lashier, chairman and CEO of Phillips 66. “This transaction strengthens the balance sheet and optimizes our portfolio by monetizing non-core assets at attractive valuations.”
Lashier added, “Since 2022 we have sold over $5 billion in assets and enhanced our position in the U.S. Central Corridor and Gulf Coast.”
The transaction values the Germany and Austria retail marketing business at an enterprise value of approximately €2.5 billion (approximately $2.8 billion). At closing, Phillips 66 received approximately €1.5 billion (about $1.6 billion) in pre-tax proceeds.
Phillips 66 Continental GmbH also entered into a multi-year agreement for the supply of product to the joint venture from the Mineraloelraffinerie Oberrhein GmbH & Co. KG (MiRO) Refinery.