Thousands might have been let go in the past several months in the nation’s energy sector, including the 1,000 this week at Oklahoma City-based Devon Energy, but some companies are pushing ahead with multi-million dollar acquisitions.
The latest is the $236 million dollar purchase by Phillips 66 Partners LP of Phillips 66 Sweeny Frac LLC which owns the newly-constructed Sweeny Fractionator One and the Clemens Caverns storage facility in Texas. The deal consists of $24 million in newly issued Phillips 66 units and the assumption of $212 million in notes payable to Phillips 66. Closing is set for early March 2016.
The Sweeny Fractionator One is located in the community of Old Ocean, Texas, a community that sits along the Gulf of Mexico. The Clemens Caverns storage facility is about 15 miles to the southeast of the Refinery and includes five newly developed caverns that have the storage capacity of nearly 7.5 million barrels of Y-grade NGL, propane and butane.