Phillips 66 to Buy EPIC NGL for $2.2 Billion in Permian Bet (3)

Phillips 66 agreed to acquire EPIC NGL, an owner of natural gas liquids pipelines, for $2.2 billion in cash as it moves to expand its transport business in the Permian basin in the southwestern US.

EPIC NGL’s operations include a roughly 885-mile (1,424-kilometer) natural gas liquids pipeline linking production supplies across the Delaware, Midland and Eagle Ford basins to the Phillips 66 Sweeny Hub and other facilities, the acquirer said in a statement.

The move is the latest by Phillips 66 to expand into natural gas liquids, a key feedstock used by refineries and petrochemical plants, while undergoing a ...