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Phillips 66 Partners files for $300M IPO to form MLP

Midstream partnership Phillips 66 Partners LP, a wholly owned subsidiary of Phillips 66 (NYS: PSX) , has filed a registration statement with the US Securities and Exchange Commission (SEC) related to its proposed initial public offering of common units representing limited partner interests.

Phillips 66 isn’t the first oil and gas refining company to try to capture the tax benefits of a master limited partnership (MLP), but it has the potential to be one of the largest in the country in 2013.

While the exact number of common units to be offered and the price range for the offering have not yet been determined, Phillips 66 Partners expects to receive roughly $300 million in gross proceeds from the offering.

The offering is expected to occur in the second half of this year and the company anticipates the common units will trade on the New York Stock Exchange under the ticker symbol "PSXP".

Phillips 66 formed Phillips 66 Partners 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 expects its initial assets to 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.

JP Morgan and Morgan Stanley are acting as joint book-running managers for the proposed offering.

 

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