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HOUSTON -- Phillips 66 today launched an initial public offering (IPO) of 15 million units of Phillips 66 Partners LP, a master limited partnership designed to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum product and natural gas liquids pipelines and terminals, and other transportation and midstream assets.
Headquartered in Houston, Phillips 66 Partners' assets will include the Clifton Ridge crude oil pipeline, terminal and storage system in Louisiana; the Sweeny to Pasadena refined petroleum product pipeline, terminal and storage system in Texas; and the Hartford Connector refined petroleum product pipeline, terminal and storage system in Illinois.
The 15-million-unit IPO represents a 20.9-percent interest in Phillips 66 Partners. The underwriters of the transaction -- J.P. Morgan, Morgan Stanley, BofA Merrill Lynch, Barclays, Credit Suisse, Deutsche Bank Securities, Citigroup and RBC Capital Markets -- are acting as book-running managers for the IPO. These financial institutions have a 30-day option to purchase an additional 2.25 million common units of Phillips 66 Partners.
Phillips 66 Partners is expected to trade on the New York Stock Exchange under the symbol PSXP.