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.

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).

Phillips 66 to acquire EPIC NGL business for $2.2 billion in cash. Assets include fractionators, pipelines, and plans for expansion, increasing earnings per share.

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.

Houston-based oil refiner Phillips 66 has announced a $2.2 billion acquisition of pipeline assets from EPIC, a Texas-based midstream service provider.

Phillips 66 said Monday it would buy a Texas network of natural gas liquids pipelines and processing facilities from Epic NGL for $2.2 billion. The Houston oil giant has said it aims to boost its sales of natural gas liquids such as ethane,