HOUSTON – Bracewell LLP is representing Chevron Corporation (NYSE: CVX) in the sale of a natural gas liquid (NGL) logistics system to Phillips 66 Partners LP (NYSE: PSXP). The NGL system, located in Louisiana, includes approximately 500 miles of pipelines and a storage cavern connecting multiple fractionation facilities, refineries and a petrochemical facility.
The acquisition will be financed with cash and borrowings under the Phillips 66 Partners’ revolving credit facility. The transaction is expected to close in the fourth quarter of 2016 pending regulatory approvals.
Bracewell attorneys involved in this transaction involved:
Partners: G. Alan Rafte, Bradley J. Benoit, Stephen B. Crain, Gray H. Muzzy and Daniel E. Hemli
Counsel: Jacqueline R. Java
Associates: Drew Taggart