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DCP Midstream Stock Up 5% As Phillips 66 Moves To Grow Its Stake -- MarketWatch

MarketWatch · 01/06/2023 07:49
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DCP Midstream LP (DCP) stock rose 5.4% in premarket trades on Friday after its corporate parent Phillips 66 (PSX) said it would pay $41.75 per common unit to increase its stake in the pipeline partnership to 86.8%. The deal is valued at about $3.8 billion. Phillips 66 said the transaction is expected to generate $1 billion of adjusted EBITDA for Phillips 66. Phillips 66 also expects to "capture operational and commercial synergies" valued at $300 million or more by integrating DCP Midstream into its existing midstream business. Shares of Phillips 66 dipped 0.9% in premarket trades.

-Steve Gelsi

(END) Dow Jones Newswires

January 06, 2023 07:49 ET (12:49 GMT)

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