U.S. oil refiner Phillips 66 said on Monday it would acquire various pipelines and distribution systems from Ares-backed EPIC NGL in an all-cash deal for $2.2 billion, as it seeks to expand its Permian presence.

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 has signed a deal to acquire EPIC Y-Grade GP LLC and EPIC Y-Grade LP for $2.2 billion, expanding its midstream footprint in the Permian Basin. The two, part of EPIC Consolidated Operations LLC, own natural gas liquids (NGL) pipelines, fractionation facilities and distribution systems.

Phillips 66 (NYSE:PSX) said Monday it agreed to acquire long-haul natural gas liquids pipeline owner EPIC NGL LP for $2.2B in cash, in a deal to help the refiner boost its Permian Basin midstream business.

US oil refiner Phillips 66 said on Monday it will acquire various pipelines and distribution systems from Ares-backed pipeline operator Epic NGL in

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.

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.

This transaction bolsters Phillips 66’s position as a leading integrated downstream energy provider,” said Mark Lashier, chairman and CEO of Phillips 66. “This transaction optimizes our Permian NGL value chain,

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,