Small Percentage of Explorer Pipeline Acquired by Phillips 66

Explorer-Pipeline-Map_System

Phillips 66 Partners LP has announced it’s acquired another 2.5 percent equity interest in Tulsa-based Explorer Pipeline company. The purchase results in Phillips owning 22 percent of Explorer which is owned by subsidiaries of American Capital Strategies Ltd, Phillips66, Marathon, Sunoco Logistics and Shell.

Neither side disclosed any terms of the purchase.

Explorer operates a 1,830 mile  common carrier pipeline that moves gasoline, diesel, fuel oil and jet fuel from the Gulf Coast to the Midwest. It stretches across Oklahoma and has a capacity of 660,000  barrels a day as well as the ability to serve 70 cities in the U.S. The company says it takes as few as 11 days to move a barrel of production from the Gulf Coast region to the Chicago area.

Terms of the acquisition were approved by the board of directors of the general partner of the Partnership and the acquisition is expected to close in August 2016.