January 06, 2023 | 1 minute read

HOUSTON – Bracewell LLP represented Phillips 66 (NYSE: PSX) in a definitive agreement with DCP Midstream, LP (NYSE: DCP) pursuant to which Phillips 66 will acquire all of the publicly held common units representing limited partner interests in DCP Midstream for cash consideration of approximately $3.8 billion, increasing its economic interest in DCP Midstream to 86.8 percent.

DCP Midstream is a Fortune 500 midstream master limited partnership headquartered in Denver, Colorado, with a diversified portfolio of gathering, processing, logistics and marketing assets. DCP is one of the largest natural gas liquids producers and marketers, and one of the largest natural gas processors in the United States. The owner of DCP’s general partner is a joint venture between Enbridge and Phillips 66.

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Bracewell lawyers involved in the transaction included:

Partners: Will AndersonMark K. LewisElizabeth L. McGinleyMatthew B. GrunertDaniel E. HemliTroy L. HarderBradley J. Benoit, Matthew Nielsen, Timothy A. Wilkins and Aaron P. Roffwarg

Counsel: Ian R. Brown, Jacqueline R. Java and Tamara L. McKinzie

Associates: Andrew W. Monk, Chase V. Edmunds, Shannon Baldwin, Ben Meredith and Kathryn F. Penry