Phillips 66 (PSX) said Wednesday that its subsidiary Phillips 66 Partners LP has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission related to its proposed initial public offering of common units representing limited partner interests.
The offering is expected to occur in the second half of this year.
Phillips 66 Partners anticipates the common units will trade on the New York Stock Exchange under the ticker symbol "PSXP".
The number of common units to be offered and the price range for the offering have not yet been determined.
Phillips 66 Partners expects to receive gross proceeds from the offering in the amount of about $300 million, excluding proceeds from any exercise of the underwriters' over-allotment option to purchase additional common units.
Phillips 66 formed Phillips 66 Partners to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum product and natural gas liquids pipelines and terminals and other transportation and midstream assets.
Headquartered in Houston, Phillips 66 Partners expects its initial assets to include the Clifton Ridge crude oil pipeline, terminal and storage system in Louisiana; the Sweeny to Pasadena refined petroleum product pipeline, terminal and storage system in Texas; and the Hartford Connector refined petroleum product pipeline, terminal and storage system in Illinois.
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