Phillips 66 (NYSE:PSX) acquired an additional 15.1% stake in DCP Midstream, LP (NYSE:DCP) from Enbridge Inc. (TSX:ENB) on August 17, 2022. In a related transaction, Enbridge Inc. acquired an additional 35.75% stake in Gray Oak Pipeline, LLC from Phillips 66 on August 17, 2022. As part of the transactions, Phillips 66 contributed approximately $400 million of cash. Enbridge will oversee and manage the joint venture's interest in Gray Oak Pipeline. Phillips 66 will oversee and manage the joint venture's interest in DCP Midstream. The transaction is expected to be accretive to earnings. The merger is expected to be immediately accretive to Enbridge's distributable cash flow per share. Citi acted as financial advisor to Enbridge and Douglas S. Bland, Ryan Carney and Gary Huffman, George Gerachis, Sean Becker, Brian Bloom, uzanne Clevenger, Stephen Gill of Vinson & Elkins acted as its legal counsel. BofA Securities, Inc. acted as exclusive financial advisor to Phillips 66. Bracewell LLP acted as legal counsel, and Eric B. Sloan of Gibson Dunn & Crutcher LLP acted as special tax counsel to Phillips 66.

Phillips 66 (NYSE:PSX) completed the acquisition of an additional 15.1% stake in DCP Midstream, LP (NYSE:DCP) from Enbridge Inc. (TSX:ENB) for approximately $400 million on August 17, 2022.