U.S. oil refiner Phillips 66 said on Monday it will acquire various pipelines and distribution systems from Ares-backed pipeline operator EPIC NGL in an all-cash deal for $2.2 billion, as it seeks to prop its natural gas liquid bet.

Phillips 66 to acquire EPIC NGL business for $2.2 billion in cash. Assets include fractionators, pipelines, and plans for expansion, increasing earnings per share.

The EPIC NGL assets include two fractionators, 350 miles of pipelines and an 885-mile natural gas liquids (NGL) pipeline with a capacity of 175,000 barrels per day (bpd).

U.S. oil refiner Phillips 66 said on Monday it would acquire various pipelines and distribution systems from Ares-backed EPIC NGL in an all-cash deal for $2.2 billion, as it seeks to expand its Permian presence.

Houston-based oil refiner Phillips 66 has announced a $2.2 billion acquisition of pipeline assets from EPIC, a Texas-based midstream service provider.

Phillips 66 to expand Permian Basin midstream business with $2.2B acquisition of EPIC NGL, boosting pipeline capacity and connecting production to Gulf Coast refiners.

Phillips 66 said it would buy a Texas network of natural gas liquids pipelines and processing facilities from Epic NGL for $2.2 billion.