Phillips 66 Partners said Monday its planned initial public offering will likely total as much as $315 million, as the Phillips 66 (NYSE:PSX) subsidiary looks to raise funds for potential acquisitions and expansion programs.
The master limited partnership will include some transportation assets of refining and marketing company Phillips 66, which was spun off last year by oil exploration and production company ConocoPhillips (NYSE:COP).
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Several oil and gas companies, such as Tesoro (NYSE:TSO), have formed master limited partnerships for their midstream businesses.
The IPO of approximately 15 million shares is expected to price in a range of $19 to $21 a share, according to a filing with the Securities and Exchange Commission.
Phillips 66 Partners will list on the New York Stock Exchange under the symbol PSXP.
The company will initially include certain pipeline, terminal and storage systems—used for crude oil and refined petroleum product—in the Central and Gulf Coast regions. Commercial agreements with Phillips 66 will be the source of nearly all of its revenue.