Phillips 66 Partners LP (NYSE:PSXP) Files An 8-K Entry into a Material Definitive Agreement

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Phillips 66 Partners LP (NYSE:PSXP) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement

On September19, 2017, Phillips 66 Partners LP (the “Partnership”) entered into a Contribution, Conveyance and Assumption Agreement (the “Contribution Agreement”) with Phillips66 Partners GP LLC (the “General Partner”), Phillips 66 Company (“P66 Company”), and Phillips66 Project Development Inc. (“P66 PDI”), each a wholly owned subsidiary of Phillips66 (“PSX”). to the Contribution Agreement, the Partnership will acquire from P66 PDI, through a series of intercompany contributions, an indirect 25 percent interest in each of Dakota Access, LLC and Energy Transfer Crude Oil Company, LLC (collectively, “Dakota/ETCO” and such interests, the “Dakota/ETCO Interests”) and a direct 100 percent interest in Merey Sweeny, L.P. (“MSLP” and such interest, the “MSLP Interest”) (the Dakota/ETCO Interest and the MSLP Interests, collectively, the “Acquired Interests” and the acquisitions to the Contribution Agreement, collectively, the “Acquisition”).

The assets owned by DAPL/ETCO and MSLP are described below:

Contribution, Conveyance and Assumption Agreement, dated as of September19, 2017, by and among Phillips 66 Partners LP, Phillips 66 Partners GP LLC, Phillips 66 Company and Phillips 66 Project Development Inc.

10.1

SeriesA Preferred Unit and Common Unit Purchase Agreement, dated as of September21, 2017, by and among Phillips 66 Partners LP and the Purchasers party thereto

99.1

Press Release dated September22, 2017, announcing the Acquisition to the Contribution Agreement

99.2

Press Release dated September22, 2017, announcing the pricing of the Private Placement


PHILLIPS 66 PARTNERS LP Exhibit
EX-2.1 2 a17-22434_1ex2d1.htm EX-2.1 Exhibit 2.1   Execution Version   CONTRIBUTION,…
To view the full exhibit click here

About Phillips 66 Partners LP (NYSE:PSXP)

Phillips 66 Partners LP owns, operates, develops and acquires fee-based crude oil, refined petroleum product and natural gas liquids (NGL) pipelines, terminals and other transportation and midstream assets. The Company charges tariffs and fees for transporting crude oil and refined petroleum product pipeline, terminal, rail rack and storage systems in the Central, Gulf Coast, Atlantic Basin and Western regions of the United States. The Company’s assets also consists of systems, which include Clifton Ridge Crude System, Sweeny to Pasadena Products System, Hartford Connector Products System, Gold Line Products System, Medford Spheres, Bayway Rail Rack, Ferndale Rail Rack, Cross-Channel Connector Project, Eagle Ford Gathering System Project, Sand Hills/Southern Hills/Explorer Pipeline joint ventures, Bakken Joint Ventures and Bayou Bridge joint venture. Its Clifton Ridge Crude System is a crude oil pipeline, terminal and storage system located in Sulphur, Louisiana.