Phillips 66 Partners Acquires Larger Interest in Explorer Pipeline

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Phillips 66 Partners will acquire an additional 2.5% equity interest in Explorer Pipeline Company, bringing Phillips holdings to  about 22%. Explorer serves more than 70 cities in 16 states and owns 1,830 miles of pipeline transporting gasoline, diesel, fuel oil and jet fuel with an average flow of more than 600,000 bpd.

The terms of the acquisition were approved by the board of directors of the general partner, and is expected to close in August 2016. Terms of the agreement are not being disclosed.

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