Phillips 66 to buy remaining WRB Refining stake from Cenovus for $1.4 billion

Core Viewpoint - U.S. refiner Phillips 66 is acquiring the remaining 50% stake in WRB Refining from Cenovus Energy for $1.4 billion, achieving full ownership of two major U.S. refineries [1] Company Summary - Phillips 66 will pay $1.4 billion for the acquisition, which allows the company to consolidate its ownership in WRB Refining [1] - The acquisition enhances Phillips 66's operational control over its refining assets in the U.S. [1] Industry Summary - The deal signifies a trend of consolidation in the refining sector, as companies seek to optimize their operations and increase market share [1] - Full ownership of the refineries may lead to improved efficiencies and profitability for Phillips 66 in a competitive market [1]