Phillips 66 will sell its 49% non-operated equity interest in Coop Mineraloel AG to its Swiss joint venture partner for $1.24 billion, the U.S. refiner said on Monday.
The joint venture operates 324 retail sites and petrol stations across Switzerland.
“This transaction marks significant progress in delivering on our commitment of over $3 billion in divestitures,” Phillips 66 CEO Mark Lashier said in a statement.
The company said it would receive $1.17 billion as sales price and $70 million as assumed dividend for the current year to be paid at or prior to closing.
Phillips 66 had said last year it would monetize $3 billion in non-core assets in 2024 as part of a plan to boost returns by cutting costs and assets.
The company last month sold its natural gas gathering and processing assets in East Texas to Voyager Midstream.
Earlier this year, it agreed to sell 25% stake in the Rockies Pipeline, which would provide it $685 million in after-tax proceeds.
The refiner said on Monday proceeds from the transaction, which is expected to close in the first quarter of 2025, “will support the strategic priorities of Phillips 66, including returns to shareholders.”
Source: Reuters.com