一位分析师表示， Phillips 66 公司 (PSX)与EPIC达成的 22 亿美元交易增强了该公司专注于整合从二叠纪到墨西哥湾沿岸的 NGL 业务的能力。

1 月 6 日，PSX 宣布收购 EPIC Y-Grade 在德克萨斯州的 NGL 资产。该交易包括 175,000 桶/天容量的 NGL 管道，该管道将 Permian 的生产区与墨西哥湾沿岸连接起来，特别是连接 Corpus Christi 附近的南德克萨斯州炼油中心。

二叠纪盆地的天然气液产能已接近过剩状态。预计到 2026 年，几个项目将为该地区增加近 100 万桶/日的产能。

East Daley Analytics 中游股权总监 Ajay Bakshani 表示，PSX 的举动更多地与 NGL 整合有关，而非争夺管道空间。

Bakshani 表示：“鉴于 EPIC 的枢纽位于 Corpus 而非 (Mont) Belvieu，这些资产对其他潜在战略买家来说意义不大。”“然而，考虑到 PSX 通过 CPChem 的炼油业务和石化联系，以及 EPIC 已经与 Sand Hills 和其他 PSX 管道建立连接以将 NGL 输送到 PSX 的 Sweeny 枢纽，这对 PSX 来说很有意义。”

Phillips 66 Sweeny Complex 位于德克萨斯州墨西哥湾沿岸，位于 Mont Belvieu 和 Corpus Christi 之间。收购 EPIC 的网络将使该公司与沿海三个地点的分馏生产和运输设施建立联系。

Bakshani 表示，“投资者对 EPIC 的资产打了折扣，因为其管道输送到 Corpus，而不是 Mont Belvieu，那里是其分馏塔所在地。然而，将其与 PSX 的 Sweeny 枢纽和 Mont Belvieu 资产以及 PSX 自身的需求（CPChem 裂解厂和炼油厂）进行更深入的整合会消除这种折扣。”

其他分析师表示，这笔交易对于 Phillips 66 来说具有经济意义。

PSX 以约 10 倍 EBITDA 倍数收购了 EPIC 的 NGL 资产。Seaport Research Partners分析师 Sunil Sibal 表示，未来的项目和协同效应可能会在 2027 年后将倍数降至约 8 倍。

EPIC 位于科珀斯克里斯蒂附近的两座分馏塔合计日产 17 万桶。TPH &Co 分析师 Matthew Blair在 1 月 7 日写道，该公司的 NGL 管道目前正在扩建，以将其产能提高到 35 万桶/天，而 EPIC 的第三座分馏塔正在规划阶段。

布莱尔表示，“我们认为，对于完整的（和扩大的 NGL 管道）、长期承诺和伴随的压裂而言，估值很有吸引力。” 

EPIC 的另一项主要业务是 100 万桶/天的 EPIC 原油管道，该管道将 Permian 与 Eagle Ford Shale 和 Corpus Christi 地区的炼油厂连接起来。RBN Energy在 10 月份指出，这条原油管道在 2024 年的大部分时间里都处于满负荷运行状态。EPIC 没有回复 Hart Energy 关于该管道计划的电子邮件。

Phillips 66’s (PSX) $2.2 billion deal with EPIC bolstered a company that’s focused on integrating its NGL business from the Permian to the Gulf Coast, an analyst said.

On Jan. 6, PSX announced an acquisition of EPIC Y-Grade’s Texas NGL assets. The deal includes 175,000 bbl/d capacity NGL pipeline that links production in the Permian to the Gulf Coast, particularly South Texas refining centers near Corpus Christi.

Permian NGL capacity is near an overbuilt status. Several projects are expected to add almost 1 MMbbl/d capacity to the region by 2026.

PSX’s move has more to do with NGL integration than battling over pipeline space, said Ajay Bakshani, director of midstream equity for East Daley Analytics.

“The assets would not make as much sense for other potential strategic buyers, given EPIC’s hub at Corpus instead of (Mont) Belvieu,” Bakshani said. “However, it makes sense for PSX given its refinery operations and petrochemical ties via CPChem, and the fact that EPIC already has connections with Sand Hills and other PSX pipes to deliver NGLs to PSX’s Sweeny hub.”

Phillips 66 Sweeny Complex is located on the Texas Gulf Coast, between Mont Belvieu and Corpus Christi. The purchase of EPIC’s network will give the company ties to fractionation production and shipping facilities at three spots along the coast.

“Investors discounted EPIC’s assets as its pipes delivered into Corpus, where its fractionators were, rather than Mont Belvieu,” Bakshani said. “However, integrating it more heavily with PSX’s Sweeny hub and Mont Belvieu assets and PSX’s own demand (CPChem crackers and refineries) removes that discount.”

Other analysts said the deal made financial sense for Phillips 66.

PSX bought EPIC’s NGL assets at about a 10x EBITDA multiple. Future projects and synergies could reduce the multiple to about 8x after 2027, said Sunil Sibal, an analyst for Seaport Research Partners.

EPIC’s two fractionators near Corpus Christi have a combined 170,000 bbl/d. The company’s NGL pipeline is currently undergoing expansion to raise its capacity to 350,000 bbl/d, while EPIC has a third fractionator in the planning stages, TPH&Co analyst Matthew Blair wrote on Jan. 7.

“We think the valuation is appealing for a full (and expanding NGL pipe), long-term commitments, and accompanying fracs,” Blair said. 

EPIC’s other primary operation is the 1 MMbbl/d EPIC Crude pipeline that connects the Permian with the Eagle Ford Shale and refineries in the Corpus Christi area. The crude line ran at capacity for much of 2024, RBN Energy noted in October. EPIC did not answer an email from Hart Energy regarding its plans for the line.