The EPIC NGL assets include two fractionators, 350 miles of pipelines and an 885-mile natural gas liquids (NGL) pipeline with a capacity of 175,000 barrels per day (bpd).

U.S. oil refiner Phillips 66 said on Monday it would acquire various pipelines and distribution systems from Ares-backed EPIC NGL in an all-cash deal for $2.2 billion, as it seeks to expand its Permian presence.

Phillips 66 to expand Permian Basin midstream business with $2.2B acquisition of EPIC NGL, boosting pipeline capacity and connecting production to Gulf Coast refiners.

Grade, LP ("EPIC Y-Grade" or "the Company") announced that it has entered into definitive agreements with Phillips 66 (NYSE: PSX) to sell its natural gas liquids ("NGL") business for total cash consideration of $2.

U.S. oil refiner Phillips 66 said on Monday it will acquire various pipelines and distribution systems from Ares-backed pipeline operator EPIC NGL in an all-cash deal for $2.2 billion, as it seeks to prop its natural gas liquid bet.

Phillips 66 said it would buy a Texas network of natural gas liquids pipelines and processing facilities from Epic NGL for $2.2 billion.

Houston-based Phillips 66 (NYSE: PSX) will buy the natural gas liquids business of a Texas-based midstream company for $2.2 billion in cash. The acquired businesses — EPIC Y-Grade GP LLC and EPIC Y-Grade LP — own various subsidiaries and long-haul NGL pipelines,

Phillips 66 (NYSE:PSX) said Monday it agreed to acquire long-haul natural gas liquids pipeline owner EPIC NGL LP for $2.2B in cash, in a deal to help the refiner boost its Permian Basin midstream business.