US oil refiner Phillips 66 has divested its natural gas gathering and processing assets in east Texas to Voyager Midstream, which is backed by Pearl Energy Investments.
Financial terms of the deal were not disclosed.
The sale forms part of Phillips 66’s strategy to monetise non-core assets and streamline operations.
A company spokesperson was quoted by news agency Reuters as saying: “This transaction with Voyager Midstream Holdings is part of our plan to monetise non-core assets that are expected to generate over $3bn in proceeds that will be deployed to further our strategic priorities.”
Voyager said the acquisition of the assets positions it in the core of the prolific Haynesville Shale. The assets are located in Panola, Rusk and Harrison counties in Texas and Caddo parish in Louisiana.
Voyager CEO Will Harvey said: “This transaction with Phillips 66 represents an important milestone for Voyager, as it positions us for significant growth in the core of the Haynesville Shale.”
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By GlobalDataThe acquisition by Voyager includes approximately 550 miles of natural gas pipelines, active cryogenic gas processing capacity of around 400 million cubic feet per day and liquids fractionation capacity of 12,000 barrels per day.
The sale also includes the Carthage Hub, a natural gas trading and delivery hub with the capacity to handle more than one billion cubic feet per day.
The hub’s strategic location provides interconnectivity to various markets across the US, including premium liquefied natural gas markets in Texas and Louisiana.
Pearl Energy Investments partner Stewart Coleman said: “Voyager’s acquisition of these high-quality assets positions the company for growth and success within the Haynesville, one of the preeminent shale plays with strategic connectivity to the US Gulf Coast.
“We look forward to supporting the Voyager team as they continue to safely operate, develop and further commercialise this critical infrastructure.”
In March 2024, Reuters reported that Phillips 66 was exploring the sale of its 25% stake in the Rockies Express Pipeline (REX) for more than $1bn, including debt.
