Phillips 66 buys remaining stake in major US refineries from Cenovus for $1.4 billion

Group 1 - Phillips 66 will acquire the remaining 50% stake in WRB Refining from Cenovus Energy for $1.4 billion, gaining full ownership of two major U.S. refineries [1] - The acquisition will add approximately 250,000 barrels per day to Phillips 66's refining capacity, enhancing its ability to produce transportation fuels and process various crude types [2] - The deal is seen as a strategic move to strengthen Phillips 66's integrated business and expand its market position in the refining sector [3] Group 2 - The transaction is considered appealing in terms of valuation and is expected to upgrade Phillips 66's portfolio by adding higher margin capacity [4] - Cenovus aims to simplify its downstream business and focus on heavy oil operations following the sale of WRB [4] - The deal is anticipated to close between the end of the third and fourth quarters, with Cenovus planning to use the proceeds to reduce net debt and enhance shareholder returns through share repurchases [5]