Phillips 66 Acquires Remaining Interest in WRB Refining LP

Bracewell represented Phillips 66 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. Learn more: https://lnkd.in/gG4yyHA7

Phillips 66 will acquire Cenovus Energy’s 50% stake in WRB Refining for $1.4 billion, gaining full ownership of the Wood River and Borger refineries and expanding its U.S. refining capacity. https://ow.ly/PjTb50WUMm6

Phillips 66 will pay $1.4 billion to acquire Cenovus Energy's 50% stake in WRB Refining, ending a nearly 20-year joint venture. Full ownership of Wood River and Borger #refineries will increase #Phillips66’s capacity by about 250,000 b/d, nearing 2.5 million b/d total. Read more from Robert Brelsford for #OGJ https://lnkd.in/gmaqdN2A #oilandgas #refining #Illinois #Texas

Phillips 66 taking full control of the Wood River and Borger refineries is a big move in refining. For field operations, it means more barrels moving through and greater flexibility in crude handling. For production accounting, it means fully consolidated operations, aligned revenue, cost tracking, and updated reporting across the board. And because Phillips 66 already owns the downstream business, these refineries integrate seamlessly, strengthening the value chain end to end. It’s a reminder of how ownership changes ripple through both the field and the back office. #ProductionAccounting #OilAndGas #Refining

Phillips 66 to take full ownership of Wood River, Borger refineries Phillips 66 is set to acquire the remaining 50% stake in WRB Refining from Cenovus Energy for $1.4 billion, gaining full control of two major US refineries. Key Highlights Phillips 66 will pay $1.4 billion to acquire Cenovus's 50% stake in WRB Refining, ending a nearly 20-year joint venture. Full ownership of Wood River and Borger refineries will increase Phillips 66’s capacity by about 250,000 b/d, nearing 2.5 million b/d total. The company said the deal strengthens its integrated value chain, especially in the US Midwest and Southwest markets. https://lnkd.in/gmVrg6-4

#ICYMI | In a strategic move to consolidate its downstream footprint, Phillips 66 has signed a definitive agreement to purchase Cenovus Energy’s 50% interest in WRB Refining for $1.4 billion. This acquisition grants full ownership of the Wood River and Borger refineries - adding approximately 250,000 barrels per day to its refining capacity and enabling seamless integration with its midstream and marketing operations. The deal reinforces Phillips 66’s focus on capital discipline, operational efficiency, and shareholder value, with closing anticipated in late Q3 or Q4 2025. Read the full coverage: https://lnkd.in/eiXYmUZe

Phillips prioritizes operational control and refining profit; Cenovus simplifies, refocuses on oil sands and upstream, and returns capital. SeekingAlpha reports, "Phillips 66 said Tuesday it agreed to acquire the remaining 50% ownership interest in WRB Refining from Cenovus Energy for $1.4B in cash. WRB Refining is a 50/50 joint venture between Phillips 66 and Cenovus that owns the Wood River refinery in Illinois and the Borger refinery in Texas; Phillips 66 has operated both facilities since the JV began in 2007. "With full ownership of the Wood River and Borger refineries, we are strengthening our integrated business and expanding our position in a region where we lead the industry," Phillips 66 (PSX) Chairman and CEO Mark Lashier said." https://lnkd.in/ga45uCwK

Cenovus Energy Inc. has signed a deal to sell its 50 per cent stake in WRB Refining LP to its joint venture partner Phillips 66 for about $1.9 billion.

Phillips 66 is set to acquire Cenovus Energy’s 50% stake in WRB Refining LP, solidifying its ownership of the Wood River and Borger refineries. This all-cash transaction, valued at $1.4 billion, marks a significant move for the U.S. refiner, enhancing its presence in the industry. Since its establishment in 2007, Phillips 66 has been at the helm of both the Wood River refinery in Roxana, Illinois, boasting a capacity of 345,000 barrels per day (bpd), and the Borger refinery in Borger, Texas, processing around 149,000 bpd. With this acquisition, Phillips 66 aims to fortify its integrated business model and bolster its leading position in the region. Mark Lashier, Chairman and CEO of Phillips 66, expressed, “With full ownership of the Wood River and Borger refineries, we are strengthening our integrated business and expanding our position in a region where we lead the industry.” The deal is projected to generate operational and commercial synergies of approximately $50 million annually by fully integrating these assets into the broader Phillips 66 value chain. This strategic move will increase Phillips 66's refining capacity by about 250,000 bpd, paving the way for lucrative low-capital, high-return initiatives. Notably, both refineries handle a range of crude types, from heavy and medium sour to light sweet, with a primary focus on producing transportation fuels. The acquisition is anticipated to be finalized in the fourth quarter of 2025, heralding a new chapter for Phillips 66 as it expands its footprint and optimizes its operational capabilities in the refining sector. #p66 #refining #oilandgas

🚨 Big moves in the energy world 🚨 Phillips 66 is going all in—acquiring Cenovus Energy’s 50% stake in WRB Refining LP for $1.4B. That means full control of the Wood River (IL) and Borger (TX) refineries, and a serious boost of ~250,000 bpd to their refining capacity. This isn’t just a transaction—it’s a signal. Owning these assets outright lets Phillips 66 double down on integration, efficiency, and long-term positioning in the U.S. refining sector. $50M in projected synergies per year is nothing to shrug at either. As someone in logistics, I see moves like this ripple far beyond the refineries. More throughput = more demand for transport, more coordination across the value chain, and more opportunities for companies like ours to step up and keep energy moving. What do you think—smart consolidation play or a bigger bet on an industry that’s still in transition? hashtag#Phillips66 hashtag#Refining hashtag#OilandGas hashtag#EnergyLogistics hashtag#HeavyHaul