Master limited partnership (MLP) Phillips 66 Partners has acquired $2.4 billion in assets from Phillips 66.
The assets consist of 25% stakes in Dakota Access and Energy Transfer Crude Oil Company - who operate the Bakken Pipeline project - as well as a 100% interest in Merey Sweeny.
The deal will be financed through a combination of debt and the private placement of equity.
The transaction is expected to close this upcoming October.