Stonepeak Companions LP and newly fashioned Vitality Equation Companions have accomplished the acquisition of a 65 % stake in JET Tankstellen Deutschland GmbH, a gasoline retailer in Germany and Austria, from Phillips 66.
The Houston, Texas-based downstream firm retains 35 % within the new three way partnership firm, it stated in a web-based assertion Monday.
The transaction gave the enterprise an enterprise worth of round EUR 2.5 billion ($2.9 billion), in keeping with the events. Phillips 66 stated it had acquired about EUR 1.5 billion in pre-tax proceeds.
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Phillips 66 stated it has entered right into a “multi-year settlement” to produce JET from the MiRO Refinery south of Frankfurt, wherein Phillips 66 owns 18.75 %.
In line with Phillips 66’s announcement of the deal Could 15, JET operates 970 websites together with 843 that had been JET-branded.
Vitality Equation Companions managing companion Javed Ahmed stated in a separate assertion by the consumers on Monday, “This funding displays EEP’s dedication to investing in established gamers within the vitality sector who’ve the potential to make a significant influence on the vitality transition, and we’re excited to work alongside the complete JET staff, together with its devoted service station operators, to appreciate this imaginative and prescient”.
“We’re executing with self-discipline and a transparent technique to create long-term shareholder worth”, stated Phillips 66 chair and chief govt Mark Lashier. “This transaction strengthens the stability sheet and optimizes our portfolio by monetizing non-core belongings at enticing valuations.”
“Since 2022 we’ve got offered over $5 billion in belongings and enhanced our place within the U.S. Central Hall and Gulf Coast”, Lashier added.
Within the first quarter of 2025 Phillips 66 exceeded a divestiture goal of over $3 billion, introduced final yr to assist its shareholder return goal and different long-term priorities, with the receipt of $2 billion in proceeds from the sale of non-operated stakes in Coop Mineraloel AG and Gulf Coast Specific Pipeline LLC.
“We intend to proceed to optimize the portfolio and rationalize non-core belongings going ahead”, Lashier stated in a press release December 16, 2024, saying the settlement to divest Phillips 66’s 25 % stake within the Gulf Coast Specific Pipeline to ArcLight Capital Companions LLC. “The evolution of our portfolio underscores our place as a number one built-in downstream vitality supplier, enhancing shareholder worth and positioning the corporate for the long run”.
In the meantime Phillips 66 expects to totally idle its Los Angeles Refinery by yearend after ceasing crude processing mid-October, in keeping with its quarterly report October 29.
In an earlier replace October 1, Phillips 66 stated, “The ability is executing an in depth schedule to securely idle operations. A number of course of models have been positioned in an idle state. The remaining models will likely be idled in a phased method via the tip of 2025”.
“Phillips 66 stays dedicated to making sure a gentle gasoline provide to fulfill ongoing California shopper demand”, Phillips 66 stated October 1. “The corporate expects to fulfill demand by sourcing gasoline from inside and outdoors its refining community”.
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