Reported 1 day ago
Phillips 66 (NYSE:PSX) has announced the sale of a 65% stake in its European retail marketing operations, covering 843 JET-branded stations in Germany and Austria, to a consortium involving Energy Equation Partners and Stonepeak. The transaction, worth approximately $1.6 billion, is expected to close in the latter half of 2025, with the company retaining a 35% non-operated interest. Phillips 66 aims to utilize the proceeds for debt reduction and to increase shareholder returns, while continuing to supply fuel from its MiRO refinery in Germany.
Source: YAHOO