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Phillips 66 and Phillips 66 Partners Announce Elimination of Incentive Distribution Rights

Vinson & Elkins advised the conflicts committee of the board of directors of the general partner of Phillips 66 Partners in the agreement between Phillips 66 (PSX) and Phillips 66 Partners (PSXP) to eliminate all of Phillips 66’s incentive distribution rights and general partner economic interests in PSXP in exchange for 101 million newly issued PSXP common units. The newly issued PSXP common units have a total equity value of approximately $5.4 billion based on the PSXP common unit closing price of $53.95 on July 25, 2019, or $5.2 billion based on a 30-day volume weighted average price of $51.18. 

The V&E corporate team was led by partners Alan Bogdanow and Peter Marshall with assistance from associates Lucy Liu, Cameron Land and Breanna Kelly. Also advising were partner Jim Meyer and associate Brian Russell; and partner Craig Zieminski and senior associate Kim McCoy.

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