M&A Deal Summary

Phillips 66 Acquires DCP Midstream

On June 15, 2023, Phillips 66 acquired oil/gas exploration company DCP Midstream for 3.8B USD

Acquisition Highlights
  • This is Phillips 66’s 1st transaction in the Oil/Gas Exploration sector.
  • This is Phillips 66’s largest (disclosed) transaction.
  • This is Phillips 66’s 3rd transaction in the United States.
  • This is Phillips 66’s 1st transaction in Colorado.

M&A Deal Summary
Date 2023-06-15
Target DCP Midstream
Sector Oil/Gas Exploration
Buyer(s) Phillips 66
Deal Type Add-on Acquisition
Deal Value 3.8B USD

Target

DCP Midstream

Denver, Colorado, United States
DCP Midstream is a provider of natural gas gatherers and processors, and natural gas liquids (NGLs) producer. DCP Midstream operates in 16 states across the five largest natural gas producing regions in the United States. DCP Midstream is based in Denver, Colorado.

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Buyer(S) 1

Buyer

Phillips 66

Houston, Texas, United States
Category Company
Founded 1875
Sector Energy Services and Equipment
Employees14,000
Revenue 147.4B USD (2023)
DESCRIPTION
Entrance to Phillips 66's corporate headquarters in Houston, Texas.
Entrance to Phillips 66's corporate headquarters in Houston, Texas.

Phillips 66 is an energy and logistics company. Its midstream segment gathers, processes, transports and markets natural gas; and transports, stores, fractionates and markets natural gas liquids (NGL) in the United States. In addition, this segment transports crude oil and other feedstocks to refineries and other locations, delivers refined and specialty products to market, and provides terminaling and storage services for crude oil and petroleum products. Its chemicals segments consists of our 50 percent equity investment in Chevron Phillips Chemical Company LLC (CPChem), which manufactures and markets petrochemicals and plastics on a worldwide basis. Its refining segment buys, sells and refines crude oil and other feedstocks at refineries in the United States and Europe. Its marketing and specialties segment purchases for resale and markets refined petroleum products (such as gasolines, distillates and aviation fuels), mainly in the United States and Europe. Phillips 66 was founded in 1875 and is based in Houston, Texas.

DEAL STATS #
Overall 4 of 5
Sector (Oil/Gas Exploration) 1 of 2
Type (Add-on Acquisition) 3 of 4
State (Colorado) 1 of 1
Country (United States) 3 of 4
Year (2023) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-21 Phillips 66 - Belle Chasse Terminal Facility

Belle Chasse, Louisiana, United States

Phillips 66's Belle Chasse Terminal Facility is a crude oil terminal. This facility sits on approximately 3,200 acres, has 1 million barrels of active storage capacity and two crude oil loading docks. Phillips 66's Belle Chasse Terminal Facility is based in Belle Chasse, Louisiana.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-05-20 Pinnacle Midstream

Houston, Texas, United States

Pinnacle Midstream is an independent energy company focused on the development of energy midstream infrastructure for oil and gas producers working in various basins across North America. Pinnacle Midstream is based in Houston, Texas.

Buy $550M
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