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Benzinga
Benzinga
Business
Akanksha Bakshi

Phillips 66 To Acquire Cenovus Stake In WRB Refining For $1.4 Billion Cash Deal

Cenovus Phillips 66 United States Cenovus Energy Cenovus Energy Inc CVE PSX Oil
Vermillion,,Sd,,Usa,-,June,22,,2023:phillips,66,Filling,Station

Phillips 66 (NYSE:PSX) announced on Tuesday that it will acquire the remaining 50% stake in WRB Refining LP from Cenovus Energy Inc. (NYSE:CVE) for $1.4 billion in cash, giving it full ownership of two U.S. refineries it has operated since 2007.

The deal covers Cenovus’ share of the Wood River refinery in Roxana, Illinois, and the Borger refinery in Borger, Texas, which together can process about 495,000 barrels per day.

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