Shares of energy companies rose amid deal activity.
Phillips 66 said it would buy EPIC NGL for $2.2 billion in a deal as the Houston oil refiner aims to expand its Permian midstream business. EPIC owns an approximately 885-mile natural gas liquids pipeline that links production supplies in the Delaware, Midland and Eagle Ford basins to refinery complexes, among other energy-commodity pipeline, processing and storage assets.
Oil futures rose to the highest level since October and have now gained in six of the last seven sessions. Natural gas futures fell 6.1% to $3.45 a million British thermal units as a winter storm blowing through the U.S. was not as severe as feared.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-07-25 1813ET