U.S. oil refiner Phillips 66 said on Monday it will acquire various pipelines and distribution systems from Ares-backed pipeline operator EPIC NGL in an all-cash deal for $2.2 billion, as it seeks to prop its natural gas liquid bet.

Phillips 66 to acquire EPIC NGL business for $2.2 billion in cash. Assets include fractionators, pipelines, and plans for expansion, increasing earnings per share.

The EPIC NGL assets include two fractionators, 350 miles of pipelines and an 885-mile natural gas liquids (NGL) pipeline with a capacity of 175,000 barrels per day (bpd).

U.S. oil refiner Phillips 66 said on Monday it would acquire various pipelines and distribution systems from Ares-backed EPIC NGL in an all-cash deal for $2.2 billion, as it seeks to expand its Permian presence.

Houston-based oil refiner Phillips 66 has announced a $2.2 billion acquisition of pipeline assets from EPIC, a Texas-based midstream service provider.

Phillips 66 to expand Permian Basin midstream business with $2.2B acquisition of EPIC NGL, boosting pipeline capacity and connecting production to Gulf Coast refiners.

Phillips 66 has signed a deal to acquire EPIC Y-Grade GP LLC and EPIC Y-Grade LP for $2.2 billion, expanding its midstream footprint in the Permian Basin. The two, part of EPIC Consolidated Operations LLC, own natural gas liquids (NGL) pipelines, fractionation facilities and distribution systems.

Phillips 66 said it would buy a Texas network of natural gas liquids pipelines and processing facilities from Epic NGL for $2.2 billion.