Just over 16.4 million common units in the partnership were released in the IPO. The public will collectively hold a nearly 23% limited partner interest in the enterprise, or as much as 26% if the offering's underwriters fully exercise their option to purchase 2.46 million additional units.
The company is a limited partnership created earlier this year by downstream oil concern Phillips 66 (NYSE: PSX) . In the words of its parent, Partners was formed 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." Partners is a spinoff of a spinoff; Phillips 66 was carved out of energy major ConocoPhillips (NYSE: COP) and made its market debut in 2012.
Phillips 66 Partners LP owns, operates, develops and acquires primarily fee-based crude oil, refined petroleum product and natural gas liquids (NGL) pipelines and terminals and other transportation and midstream assets. The Company’s initial assets consist of the three systems, which include Clifton Ridge crude system, Sweeny to Pasadena products system and Hartford Connector products system. A refined petroleum product pipeline, terminal and storage system extending from Phillips 66’s Sweeny refinery in Old Ocean, Texas, to its refined petroleum product terminal in Pasadena, Texas, and ultimately connecting to the Explorer and Colonial refined petroleum product pipeline systems and other third-party pipeline and terminal systems.
The company was founded in 2013 and is headquartered in Houston, Texas.
Address
3010 Briarpark Drive
HOUSTON, TX 77042
United States
