A subsidiary of Phillips 66 (PSX +0.47%) has submitted the necessary paperwork to the Securities and Exchange Commission for an initial public offering. Phillips 66 Partners has not yet determined the number of units it will sell, nor the pricing for the issue. However, the parent company said in a press release announcing the move that the IPO should bring in gross proceeds of roughly $300 million.
Phillips 66 Partners plans to trade on the New York Stock Exchange under the ticker symbol PSXP.
The parent company said it formed Phillips 66 Partners to "own, operate, develop, and acquire primarily fee-based crude oil, refined petroleum product, and natural gas liquids pipelines and terminals and other transportation and midstream assets."
JPMorgan Chase's J.P. Morgan and Morgan Stanley are the joint book-running managers for the issue.
