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Phillips 66 (NYSE:PSX) is reportedly exploring a sale of its 25% stake in the Rockies Express Pipeline.
The company hopes the asset to be worth more than $1 billion, including debt, reported Reuters.
Phillips 66 is expecting to command a premium to the stake’s current book value of $451 million, with bidders also needing to assume debt obligations worth over $500 million associated with the stake, as per the report.
The Rockies Express Pipeline is a 1,700-mile (2,730-km) interstate natural gas pipeline extending from Wyoming and Colorado in the U.S. West to Eastern Ohio.
As per the report, Phillips 66 is working with its advisers on talks with potential buyers, including private equity firms and infrastructure funds.
The company’s Chief Executive Officer, Mark Lashier, said they are in discussions with potential buyers for asset sales but are not rushing to complete divestments.
In November, Elliott Investment Management L.P., which manages funds with an approximately $1 billion investment in Phillips 66, sent a letter to the Board outlining how Phillips 66 can remedy its underperformance and unlock significant value for its shareholders.
Investors can gain exposure to the stock via IShares U.S. Oil & Gas Exploration & Production ETF (BATS:IEO) and VanEck Oil Refiners ETF (NYSE:CRAK)
Also Read: Phillips 66 Analysts Increase Their Forecasts Following Upbeat Earnings
Price Action: PSX shares are down 1.02% at $155.01 premarket on the last check Wednesday.
