WRB Refining LP remaining interest
2025
$1.4B
Why
Phillips 66 agreed to acquire Cenovus Energy's remaining 50% interest in WRB Refining LP -- the joint venture operating the Wood River, Illinois and Borger, Texas refineries -- for $1.4 billion.
Impact
Gave Phillips 66 full ownership and operational control of both refineries it had already been operating since the joint venture's 2007 formation. Full ownership also removed a layer of joint-venture governance that had previously required Cenovus sign-off on major capital decisions at both refineries.
Outcome
Expected to generate about $50 million a year in synergies by fully integrating the refineries into Phillips 66's value chain. The deal also removed the need to negotiate capital-spending decisions with Cenovus at two of Phillips 66's most important Midwest and Gulf Coast-adjacent refining assets. Full ownership additionally gave Phillips 66 complete control over future capital-expenditure decisions at both refineries without requiring joint-venture partner approval.