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Direct Investment  + M&As  |  June 18, 2024
By: Emily Fu

Phillips 66 Sells 25% Stake in REX Pipeline to Tallgrass 

Phillips 66, a Houston-based multinational energy company, is selling its 25% non-operated common equity interest in Rockies Express Pipeline LLC (REX) to Tallgrass Energy, LP (TGE), for an enterprise value of approximately $1.275 billion.  

TGE, the current operator, will own 100% of REX’s common equity interest post-transaction. Phillips 66 will receive $685 million in pre-tax cash proceeds after adjustments for its share of REX’s debt and preferred equity balances. REX is a major 1,714-mile natural gas pipeline with a capacity of over 5 billion cubic feet per day. The transaction is set to close today. 

“This sale is an important step in our commitment to deliver over $3 billion in asset divestitures,” said Mark Lashier, chairman and CEO of Phillips 66. “We are committed to managing our portfolio and monetizing assets that no longer fit our long-term strategy.” (Photo: Shutterstock)

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Mark Lashier

About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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