Core Insights - Phillips 66 (PSX) has sold its 25% non-operated equity interest in the Rockies Express Pipeline to Tallgrass Energy for 1.28billion,aspartofastrategytogenerateover3 billion from asset divestitures [1][2] - The Rockies Express Pipeline is a significant natural gas pipeline in the U.S., transporting approximately 5 billion cubic feet per day across 1,714 miles [1] - The sale will provide PSX with pre-tax proceeds of 685million,whichwillbeutilizedtoenhanceshareholderreturnsandsupportotherpriorities[2]CompanyStrategy−Phillips66isfocusedonoptimizingitsportfoliobymonetizingnon−essentialassetstoalignwithlong−termobjectives[2]−Followingthetransaction,TallgrassEnergywillfullyowntheRockiesExpressPipeline,consolidatingitsoperationalcontrol[2]FinancialImpact−ThedealispartofPhillips66′sbroaderinitiativetoachieveover3 billion in asset divestitures, indicating a significant shift in its asset management strategy [1] - The pre-tax proceeds from the sale, amounting to $685 million, reflect adjustments related to debt and preferred equity balances [2]