Vinson & Elkins advised the conflicts committee of the board of directors of the general partner of Phillips 66 Partners in its pending purchase of the Standish Pipeline and other assets from Phillips 66 for $775 million. Houston-based Phillips 66 turned to Latham & Watkins.
On May 4, Phillips 66 Partners announced an agreement with Phillips 66 to acquire the Standish Pipeline and the remaining 75 percent interest in Phillips 66 Sweeny Frac for $775 million. Sweeny Frac owns the Sweeny Fractionator One, located in Old Ocean, and the nearby Clemens Caverns storage facility. The Standish Pipeline runs from Phillips 66′s Ponca City Refinery in Ponca City, Oklahoma, to Phillips 66 Partners’ North Wichita Terminal in Wichita, Kansas.
