Phillips 66 to acquire remaining 50% interest in WRB Refining for $1.4B

Phillips 66 (PSX) announced that it has entered into a definitive agreement to acquire the remaining 50% ownership interest in WRB Refining LP from subsidiaries of Cenovus Energy (CVE) for total cash consideration of $1.4B, subject to customary purchase price adjustments. WRB Refining LP is a 50/50 joint venture between Phillips 66 and Cenovus Energy Inc. that owns the Wood River refinery in Roxana, Illinois, and the Borger refinery in Borger, Texas. Phillips 66 has operated both facilities since the inception of the joint venture in 2007. The Wood River and Borger refineries have crude throughput capacities of 345 MBD and 149 MBD, respectively, reflecting a combined increase of approximately 250 MBD to Phillips 66’s refining capacity upon closing. The refineries can process heavy and medium sour crudes, as well as light sweet crudes. Both refineries also produce a high percentage of transportation fuels. The transaction is expected to close during the fourth quarter of 2025.