backKing & Spalding has represented Phillips 66 (NYSE: PSX) (“P66”) in the sale of all of its equity interests in DCP GCX Pipeline LLC, which owns a 25% non-operated equity interest in Gulf Coast Express Pipeline LLC, to an affiliate of ArcLight Capital Partners, LLC for pre-tax total cash proceeds of $865 million, subject to purchase price adjustments.
Gulf Coast Express Pipeline is an approximately 500-mile pipeline system that transports approximately 2 billion cubic feet per day of natural gas from the Permian Basin to domestic and international markets. P66 is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. Its portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, P66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future.
The King & Spalding team included lawyers from the Houston, Atlanta, New York and Washington, D.C. offices, including Jonathan Newton, Heath Trisdale, Rehman Mir, Shane Dornburg, Jennifer Morgan, John Sweet and Jeffrey Spigel.