Phillips 66 Partners LP will acquire Chevron’s natural gas liquids logistics system in southeast Louisiana.
The system contains 500 miles of pipelines and a storage cavern that connects several fractionation facilities, refineries, and a petrochemical facility.
The assets in the deal include the TENDS pipeline system, the VP pipeline-EP pipeline, and the Sorrento Cavern.
Phillips 66 Partners president Tim Taylor said the deal will expand the company’s NGL footprint in the Louisiana market.
The transaction expects to close in the fourth quarter this year.
Oil and Gas Journal