© 2014 The Texas Lawbook.
By Mark Curriden, JD
Senior Writer for The Texas Lawbook
(February 14) – Houston-based Phillips 66 Partners is buying two refinery-grade storage systems and a pipeline system owned by its parent company for $700 million.
Phillips 66 Partners is a master limited partnership created by Phillips 66 in 2012 and went public last July. The MLP is buying Phillips 66’s Gold Product Pipeline System (the “Gold Line System”) and the Meford Spheres, two newly constructed refinery-grade propylene storage spheres. This marks the MLP’s first post-IPO acquisition.
The 681-mile Gold Line System pipeline system ships 132,000 barrels-per-day from a refinery operated by Phillips 66 in Borger, Texas to Cahokia, Illinois.
Phillips 66 turned to Latham & Watkins’ partners Bill Finnegan and Brett Braden in Houston to lead its end of the transaction. Finnegan and Braden were part of the legal team that worked on Phillips 66’s initial public offering.
Other Latham lawyers advising on the deal include Houston corporate associates Thomas Brandt, Carolyn Check and Trevor Lavelle. Houston partner Tim Fenn and associate Bryant Lee handled tax matters, while Houston partner Joel Mack advised on environmental issues.
Vinson & Elkins M&A partner Alan Bogdanow of Dallas represented the Conflicts Committee of the Board of Directors of the General Partner of Phillips 66 Partners LP.
The V&E team also included associates Michael Allers and Katherine Terrell, tax partner Jim Meyer, litigation partner Michael Holmes, energy regulatory counsel Sabina Walia, real estate associate Will Russ and environmental law associate Brandon Tuck.
Evercore Partners, represented by Andrews Kurth Houston partners Mike O’ Leary and Mark Young, served as financial advisors.
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