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Home Market Research Business

Phillips 66 (PSX) Sells Majority Stake in European Fuel Retailer

by TheAdviserMagazine
5 months ago
in Business
Reading Time: 2 mins read
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Phillips 66 (PSX) Sells Majority Stake in European Fuel Retailer
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Phillips 66 (NYSE:PSX) recently revealed that it has agreed to sell a majority stake in its European retail marketing business. Let’s shed some light on the development.

Phillips 66 (PSX) Sells Majority Stake in European Fuel Retailer

A refinery manager walking through an array of pipes and pumping systems, recognizing the company’s vast refining power.

Phillips 66 (NYSE:PSX) is a leading integrated downstream energy provider that is engaged in refining, transporting, and marketing fuels.

Phillips 66 (NYSE:PSX) recently announced that it has entered into a definitive agreement to divest a 65% interest in its Germany and Austria retail marketing business — including 843 JET-branded fuel stations — to a consortium backed by Energy Equation Partners and Stonepeak. PSX expects to pocket around $1.6 billion in pre-tax cash from the sale, which it plans to use for debt reduction and boost shareholder returns. The deal, which includes 970 retail fueling sites, is expected to close in the second half of 2025.

As part of the agreement, Phillips 66 (NYSE:PSX) will retain a non-operated 35 percent interest in the business through a newly formed joint venture. The Houston-based company will also continue to supply the business with fuel products from its MiRO refinery in Karlsruhe, Germany, under a multi-year contract.

Mark Lashier, chairman and CEO of Phillips 66 (NYSE:PSX), stated:

“This transaction advances our strategy to optimize our portfolio and enhances long-term shareholder value. The newly formed joint venture allows us to monetize this non-core asset while retaining the ability to benefit from its future growth.”

While we acknowledge the potential of PSX to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk.  If you are looking for an AI stock that is more promising than PSX and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 10 Cheap Energy Stocks to Buy Now and 10 Most Undervalued Energy Stocks According to Hedge Funds.

Disclosure: None.



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