July 03, 2024 | 1 minute read

HOUSTON – Bracewell LLP represented Phillips 66 (NYSE: PSX) in its acquisition of Pinnacle Midland Parent LLC (Pinnacle) from Pinnacle Midstream II LLC for cash consideration of approximately $550 million in a strategic move to expand Phillip 66’s natural gas and processing footprint in the Midland Basin. Pinnacle’s assets include the recently built Dos Picos natural gas gathering and processing system composed of a 220 MMcf/d gas processing plant, 80 miles of gathering pipeline and 50,000 dedicated acres through high-quality producers. The Dos Picos processing complex and related infrastructure is easily scalable toward a second 220 MMcf/d gas plant and integrates well into Phillips 66’s existing downstream infrastructure.

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Bracewell lawyers involved in the transaction included:

Partner: Lytch T. Gutmann, Elizabeth L. McGinley, Bucky Brannen, Daniel E. Hemli and Tony L. Visage

Counsel: Jacqueline R. Java

Associates: Andrew W. Monk, Seth R. Rosenberg and Benjamin S. Cantor