FINWIRES · TerminalLIVE
FINWIRES

Market Chatter: Shell, Phillips 66 Enlist Bankers for US Pipeline Stakes Sale

By

Shell (SHEL.L, SHELL.AS) and Phillips 66 enlisted bankers for the potential sale of their stakes in the Explorer pipeline in the US, Reuters reported Wednesday, citing people familiar with the matter.

The energy companies have enlisted investment bankers from Greenhill and RBC Capital Markets for the potential sale, according to the report. The potential deal could value Explorer at $3.5 billion, according to the people.

Shell and Phillips 66 hold a combined 61% stake in the pipeline's owner. The pipeline transports gasoline, jet fuel and other fuel products from Texas through the US Midwest.

Shell, Phillips 66 and Explorer did not immediately respond to' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Related Articles

Equities

Marathon Petroleum Keeps Quarterly Dividend at $1.00 a Share, Payable Sept. 10 to Shareholders of Record on Aug. 19

$MPC
Equities

NewMarket Q2 Earnings, Net Sales Rise

NewMarket (NEU) reported Q2 earnings late Wednesday of $14.54 per diluted share, up from $11.84 a year earlier.Net sales in the quarter ended June 30 rose to $747.1 million from $698.5 million a year earlier.

$NEU
Equities

Antero Resources Q2 Earnings, Revenue Rise

Antero Resources (AR) reported Q2 earnings late Wednesday of $0.90 per diluted share, up from $0.50 a year earlier.Analysts surveyed by FactSet expected $0.76.Revenue for the three months ended June 30 was $1.56 billion, up from $1.3 billion a year earlier.Analysts polled by FactSet expected $1.53 billion.

$AR