Phillips 66 Completes $3.8B Acquisition of DCP Midstream Interests
Phillips 66 completed an acquisition of publicly held common stock representing limited partner interests...
Phillips 66 completed an acquisition of publicly held common stock representing limited partner interests in DCP Midstream for $41.75 per common unit in cash, the company said in the press release.
Phillips 66’s economic interest in DCP Midstream is now raised to 86.8% as a result of this deal. DCP Midstream’s common units will no longer be listed on the New York Stock Exchange.
The Houston-based energy company holds interests in midstream, chemicals, refining and marketing, and specialties businesses. DCP Midstream is an MLP with a portfolio including a variety of assets, including gathering, processing, logistics, and marketing.
The energy sector is off to a flat to lower start, tracking modest gains in crude. U.S. stock futures are lower as investors await Chairman Powell’s semiannual monetary policy testimony before the House Financial Services Committee beginning at 10 a.m. ET.
WTI and Brent crude oil future steadied and turned higher while the market remains cautious ahead of Chairman Powell’s testimony later today, and on the prospect, the Bank of England will be hawkish in their monetary policy decision tomorrow. Two Fed policymakers and an economist are set to join Mr. Powell with their focus expected to remain on bringing down inflation. British inflation held at 8.7% in May, defying predictions of a drop and increasing expectations the Bank of England will raise interest rates by an estimated 50 basis points on Thursday. Analysts predict a drawdown in U.S crude stocks when the API figures are released later this afternoon, with estimates predicting inventories fell by about 400K barrels in the week ending June 16.
Natural gas futures edged lower this morning on forecasts for higher inventories as a consensus for EIA weekly storage data due tomorrow has a build of +93 Bcf vs the 5-year average of +86 Bcf.
US stock futures fall early Wednesday, as investors brace for Powell's testimony. Meanwhile,...
US stock futures fall early Wednesday, as investors brace for Powell's testimony. Meanwhile, in London, traders are expecting further Bank of England interest-rate hikes after another shock inflation reading. Check out the latest market moves.
Earnings on deck: KB Home, Patterson Companies, and Winnebago Industries, all reporting.
A Canadian plane searching for the vessel detected “underwater noises,” the U.S. Coast Guard said.
The Coast Guard said that some of the remote-operated vehicles involved in the search near the Titanic...
The Coast Guard said that some of the remote-operated vehicles involved in the search near the Titanic had been relocated in an attempt to determine the origin of the sounds.
