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Phillips 66 announced on Monday that it will be selling its 49% non-operated equity interest in Coop Mineraloel AG to its Swiss joint venture partner for $1.24 billion. The joint venture, which operates 324 retail sites and petrol stations across Switzerland, will be acquiring the stake.
“This transaction signifies a significant step in our commitment to divest over $3 billion in assets,” stated Phillips 66 CEO Mark Lashier. The company will receive $1.17 billion as the sales price and $70 million as an assumed dividend for the current year, to be paid at or prior to the closing of the deal.
Last year, Phillips 66 had announced plans to monetize $3 billion in non-core assets in 2024 as part of a strategy to enhance returns by reducing costs and assets. Recently, the company sold its gathering and processing assets in East Texas to Voyager Midstream. Additionally, earlier this year, it agreed to sell a 25% stake in the Rockies Pipeline, which is expected to bring $685 million in after-tax proceeds.
The proceeds from the Coop Mineraloel AG transaction, set to close in the first quarter of 2025, will be used to support Phillips 66’s strategic priorities, including returning value to shareholders.
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Emma Collins, graduated in Financial Economics from the University of Chicago in the USA in 2016. She has since worked at an asset management firm in New York, where she specializes in investment strategies and portfolio management. Emma has a keen interest in financial analysis and has published several articles in renowned financial journals. Her work focuses on providing actionable insights to investors, and she is known for her forward-thinking approach to managing financial portfolios.
