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Phillips 66 sheds non-core natgas properties in Texas

U.S. oil refiner Phillips 66 offered its gas gathering and processing possessions in East Texas to Voyager Midstream Holdings, a portfolio firm of Pearl Energy Investments, the company stated on Tuesday.

This transaction with Voyager Midstream Holdings belongs to our plan to generate income from non-core possessions that are anticipated to generate over $3 billion in proceeds that will be deployed to even more our tactical top priorities, a company representative said.

The business stated last year it would monetize $3 billion in non-core assets in 2024 as part of a strategy to enhance returns by cutting expenses and possessions.

Haynesville, located mostly in Louisiana and East Texas, includes large amounts of gas.

Houston-based Voyager stated the possessions lie in Panola, Rusk and Harrison counties in Texas and Caddo parish in Louisiana.

We are dedicated to growing our infrastructure footprint in East Texas and North Louisiana and improving manufacturer connectivity and netbacks, Voyager CEO Will Harvey stated.

Voyager did not reveal the deal worth.

The business said the acquisition also includes the Carthage center, a natural gas trading and delivery hub which can manage over 1 billion cubic feet daily. The hub supplies connection to several markets throughout the U.S., including access to LNG markets in Texas and Louisiana.

(source: Reuters)