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

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.

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.”

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Disclosure: None.