PSXP currently holds a 100% stake in Sweeny Frac. The deal implies a net value of $775m, which is expected to be funded through newly issued PSXP shares to Phillips 66 and assumption of notes payable to the latter.
PSXP has appointed Evercore Partners Inc as the financial advisor and Vinson & Elkins L.L.P. as the legal advisor for the transaction, which is scheduled for completion by May 2016.
Legacy Measurement Solutions, Inc has completed the acquisition of Wedge Energy Services L.L.C.
The deal allows Legacy Measurement to expand its measurement, production and process equipment portfolio, while enhancing its reach in midstream and transmission markets.
Secure Energy Services Inc plans to expand its midstream business through the acquisition of PetroLama Energy Canada Inc.
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The company has agreed to spend $42.61m, which will be funded using cash and equity sources.
PetroLama owns and operates a crude oil terminal in Alida, Saskatchewan.
The deal is scheduled for completion by 1 June.
Southern Cross Group has spent $490m for the acquisition of Petrobras Chile Distribution Ltda, from Petroleo Brasileiro S.A, to expand its presence in oil and gas distribution business.
The asset base of Petrobras Chile Distribution includes 279 fuel stations, eight fuel distribution terminals and 11 operational centres at airports. The company also holds stake in two logistics companies and a lubricant plant.