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Technology Stocks : KMI- a fallen high dividend yielder - for how long?
KMI 26.25+1.3%11:53 AM EDT
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From: E_K_S12/16/2024 6:55:41 PM
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Phillips 66 to Sell Gulf Coast Express Pipeline Stake for $865 Million8:09 AM ET, 12/16/2024 - MT Newswires
08:09 AM EST, 12/16/2024 (MT Newswires) -- Phillips 66 (PSX) said Monday it agreed to sell DCP GCX Pipeline, which holds a 25% non-operated stake in the Gulf Coast Express Pipeline, to an ArcLight Capital Partners affiliate for pre-tax proceeds of $865 million in cash, subject to adjustments.

The energy provider said the sale price represents a 10.6x multiple of implied enterprise value/EBITDA, based on expected full-year 2025 EBITDA. Proceeds will be used to support the company's "strategic priorities," including shareholder returns and debt reduction, Phillips 66 said.

Gulf Coast Express Pipeline will be co-owned by Kinder Morgan (KMI) and ArcLight affiliates post-sale, Phillips 66 said.
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