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Phillips 66

Petroleum RefiningFounded 1917
Reviewed by Swet Parvadiya
Company data updated: October 2026

Acquisitions

Phillips 66 Acquisitions

6

Major Deals Covered

$7.4B

Disclosed Deal Value

What are Phillips 66's biggest acquisitions?

Phillips 66's largest disclosed acquisition here is DCP Midstream for $3.8B in 2023. This page covers 6 major deals from 1946 to 2025, each with its price where disclosed and the reason behind it.

Major deals covered
6
Largest deal
DCP Midstream ($3.8B)
First deal
1946
Most recent
2025
CompanyYearPricePurpose
Wasatch Oil Co1946UndisclosedPhillips 66 acquired Wasatch Oil Co in 1946.
General American Oil Company1983UndisclosedPhillips 66 acquired General American Oil Company in 1983.
Tosco2001UndisclosedPhillips 66 acquired Tosco in 2001.
DCP Midstream2023$3.8BPhillips 66 acquired all publicly held common units of DCP Midstream for $41.75 per unit, about $3.8 billion total, raising its economic interest to 86.8%.
WRB Refining LP remaining interest2025$1.4BPhillips 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.
EPIC NGL (renamed Coastal Bend)2025$2.2BPhillips 66 acquired EPIC Y-Grade, the owner of NGL pipelines and fractionators in South Texas, for about $2.2 billion in 2025 and renamed the business Coastal Bend.
What companies has Phillips 66 bought?
Major acquisitions by Phillips 66 documented here include DCP Midstream (2023), EPIC NGL (renamed Coastal Bend) (2025), WRB Refining LP remaining interest (2025), Tosco (2001) and General American Oil Company (1983).
What is Phillips 66's most recent acquisition?
The most recent Phillips 66 acquisition documented here is WRB Refining LP remaining interest, in 2025, for $1.4B.

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

Phillips 66 completed the purchase in 2025 and now fully owns the Wood River and Borger refineries; it targeted about $50 million a year in synergies.

Source →

EPIC NGL (renamed Coastal Bend)

2025

$2.2B

Why

Phillips 66 acquired EPIC Y-Grade, the owner of NGL pipelines and fractionators in South Texas, for about $2.2 billion in 2025 and renamed the business Coastal Bend.

Impact

Connected Permian NGL supply to Corpus Christi fractionation, supporting the later 100 MBD Coastal Bend fractionator announcement.

Source →

DCP Midstream

2023

$3.8B

Why

Phillips 66 acquired all publicly held common units of DCP Midstream for $41.75 per unit, about $3.8 billion total, raising its economic interest to 86.8%.

Impact

Strengthened fee-based, NGL-linked cash flows within the Midstream segment. The deal also simplified Phillips 66's corporate structure by eliminating a publicly traded master limited partnership Phillips 66 had previously only partially owned.

Outcome

DCP became central to Phillips 66's NGL platform, insulating cash flow from refining-margin volatility. Fully owning DCP also positioned Phillips 66 to more directly resist Elliott Management's later 2025 push to spin off Midstream, since a wholly owned segment is harder to argue should be separated than a partially owned joint venture already generating minority-interest complexity. The full-ownership structure also simplified Phillips 66 financial reporting by eliminating minority-interest accounting for the segment.

Source →

Tosco

2001

Why

Phillips 66 acquired Tosco in 2001.

Source →

General American Oil Company

1983

Why

Phillips 66 acquired General American Oil Company in 1983.

Source →

Wasatch Oil Co

1946

Why

Phillips 66 acquired Wasatch Oil Co in 1946.

Source →

Phillips 66's Growth & Acquisition Strategy

Phillips 66 is growing mainly through Midstream NGL infrastructure: the 2025 Coastal Bend (EPIC NGL) acquisition, the Dos Picos II gas plant, the planned Zeus plant and a new Coastal Bend fractionator. In refining it consolidated ownership of WRB Refining while selling most of its European retail business and closing its Los Angeles refinery. CPChem's two large polymer projects add chemicals growth from 2027.

How Phillips 66 Makes Money

Phillips 66 earns money in five reported areas. Refining turns crude into gasoline, diesel and jet fuel, and profits depend on crack spreads and utilization. Midstream gathers, processes, transports, fractionates and exports natural gas liquids, earning largely fee-based income. Chemicals is a 50% equity stake in Chevron Phillips Chemical (CPChem). Marketing and Specialties sells branded fuels to independent dealers and makes lubricants and specialty products. Renewable Fuels runs the converted Rodeo facility in California.

Phillips 66 Acquisitions FAQ

What was the landmark $3.8 billion full acquisition of DCP Midstream in 2023?

In 2023 Phillips 66 acquired all publicly held DCP Midstream units for $41.75 each, about $3.8 billion, strengthening its NGL business.

What was the acquisition of Pinnacle Midland Parent LLC in 2024?

In July 2024, Phillips 66 acquired Pinnacle Midland Parent LLC from Energy Spectrum Capital for $550 million in cash, adding natural gas gathering and processing assets in the core Midland Basin of the Permian to feed its Gulf Coast midstream network.

What was the formation of the 50/50 Chevron Phillips Chemical (CPChem) joint venture in 2000?

In 2000, Phillips Petroleum and Chevron Corporation merged their respective worldwide chemicals and plastics businesses to form Chevron Phillips Chemical Company LLC (CPChem), creating one of the world's most profitable petrochemical producers.

What was the acquisition of Tosco Corporation by Phillips Petroleum in 2001?

In 2001, Phillips Petroleum acquired Tosco Corporation for $7.0 billion, acquiring premier refining assets (such as the Bayway Refinery in New Jersey and Wood River in Illinois) and the well-known '76' retail fuel brand.

Did Phillips 66 buy out WRB Refining?

Yes. In 2025 Phillips 66 bought Cenovus Energy's 50% of WRB Refining LP for $1.4 billion, taking full ownership of the Wood River and Borger refineries.

What was the simplification and acquisition of Phillips 66 Partners (PSXP) in 2022?

In March 2022, Phillips 66 acquired all publicly held common units of its master limited partnership, Phillips 66 Partners LP, in an all-stock transaction valued at $3.4 billion, simplifying corporate governance and consolidating midstream cash flows.

How does Phillips 66 execute strategic portfolio pruning?

Phillips 66 has divested non-core assets, including most of its European retail business in 2025, to fund debt reduction and buybacks.

What criteria does Phillips 66 use for future growth acquisitions?

Phillips 66 evaluates prospective M&A strictly based on integration synergies with its existing US Gulf Coast midstream and chemical value chains, fee-based revenue stability, and strong cash-flow accretion.

What is Coastal Bend?

Coastal Bend is the former EPIC NGL business in South Texas, acquired by Phillips 66 for about $2.2 billion in 2025; a new 100 MBD Coastal Bend fractionator was announced in 2026.

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Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.