HOUSTON – Bracewell LLP represented Phillips 66 (NYSE: PSX) in its definitive agreement to acquire the remaining 50 percent ownership interest in WRB Refining LP from subsidiaries of Cenovus Energy Inc. for total cash consideration of $1.4 billion, subject to customary purchase price adjustments.
WRB Refining LP is a 50/50 joint venture between subsidiaries of Phillips 66 and Cenovus Energy Inc. that owns the Wood River refinery in Roxana, Illinois, and the Borger refinery in Borger, Texas. Phillips 66 has operated both facilities since the inception of the joint venture in 2007. The Wood River and Borger refineries have crude throughput capacities of 345 MBD and 149 MBD, respectively, reflecting a combined increase of approximately 250 MBD to Phillips 66’s refining capacity upon closing. The refineries can process heavy and medium sour crudes, as well as light sweet crudes. Both refineries also produce a high percentage of transportation fuels.
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Bracewell lawyers involved in the transaction included:
Partners: Will Anderson, Andy Monk, Elizabeth L. McGinley, Bucky Brannen, Bryan S. Dumesnil, Timothy A. Wilkins, Heather L. Brown, Bradley J. Benoit and Daniel E. Hemli
Counsel: Jacqueline R. Java
Associates: Chase V. Edmunds and Madison Rich
