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.

PSX states that the EPIC NGL acquisition is expected to generate attractive returns for the company and be immediately accretive to its earnings per share.

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

Houston-based Phillips 66 (NYSE: PSX) will buy the natural gas liquids business of a Texas-based midstream company for $2.2 billion in cash. The acquired businesses — EPIC Y-Grade GP LLC and EPIC Y-Grade LP — own various subsidiaries and long-haul NGL pipelines, fractionation facilities and distribution systems connected to the Permian Basin.

Phillips 66 announced a definitive agreement to buy EPIC Y-Grade GP, LLC and EPIC Y-Grade, LP for total cash consideration of $2.2 billion.

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