Phillips 66 Optimizes Portfolio With $865M Pipeline Sale

Phillips 66 (PSX) , the Houston-based oil giant, announced plans to sell its 25% stake in the Gulf Coast Express pipeline in Texas to an affiliate of ArcLight Capital Partners for $865 million, per a Reuters report. This strategic move positions the U.S. refiner to surpass its $3 billion non-core asset divestiture target.The company has already raised $2.7 billion through the sale of fuel terminals, pipelines and its stake in a Swiss retail joint venture. Phillips 66's CEO, Mark Lashier, emphasized the comp ...