Our CEO sat for an interview with Business Journal and offered clarity on which assets are in talks to be sold this year. Has anyone read this article or has anything been said at work?
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Marathon looking at buying wood River.
Please sell my dumpster fire. I’ll take the chance with any new owner.
The wrb joint ventures with cenovus are in the conversation.
The important bits:
“We take a view and do an analysis around all of our assets, and all of our assets have value," Lashier told the HBJ. "And if those assets have more value to you than they do to me, we've got something to talk about."
“We're in active discussions with third parties around various assets. But we're not going to comment publicly on all those because it's a competitive discussion. But we've got a very clear sign of line of sight internally on what we intend to do and how we're going to execute that.”
Lashier mentioned the company's midstream business specifically as an example of a sector where it owns interests in a variety of different assets that Phillips 66 doesn’t control. The company is focused on building up its crude oil and natural gas liquids value chains from midstream to downstream.
“We've built a great midstream business, … and we had opportunities to do things as production increased in the Permian Basin,” Lashier said. "There were lots of opportunities to add assets, and we did it in a very smart way. But not all those assets are under our control. They're in joint ventures, we have non-controlling interests, and those interests that we have may be more valuable to others than they are to us."
Lashier said this was an example of some of the asset dispositions the company is willing to make.
“When we rolled up our DCP business, we traded off some of our interest in Gray Oak Pipeline, and then we sold our interest in South Texas Gateway Terminal for those very reasons,” Lashier said. "It wasn't critical to our strategy, and we could take the cash from selling those assets and redeploy it in things that were more critical to our strategy. It’s just really swapping assets to really focus on our key strategic elements."
Its fake AI generated news. Any real clarification on this would get picked up by a reputable news wire source like Reuters or AP.
bizjournals.com
It is behind a paywall.
Link?