- Last week, Phillips 66 made a big move to increase its economic interest in DCP Midstream.
- First, PSX announced it increased its stake in DCP from 28.26% to 43.31% by buying some of Enbridge's stake in what used to be a 50/50 joint venture.
- The next move PSX made was to announce a bid for all of the outstanding publicly held shares of DCP Midstream's LP for $34.75/unit.
- This appears to be part of a longer-term plan to enable PSX and Enbridge to effectively dissolve the DCP JV in order to simplify their corporate structure while "keeping to their knitting".
Monday, August 22, 2022
PSX, ENB, DCP -- Michael Fitzsimmons Weighs In -- August 22, 2022
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