Phillips 66 Sells Stake in Swiss Joint Venture

The American energy company Phillips 66 has announced that it will sell its 49% non-operated stake in Coop Mineraloel AG to its Swiss joint venture partner for $1.24 billion. With this transaction, the company aims to further advance its commitment to a comprehensive divestment program valued at over $3 billion, as emphasized by CEO Mark Lashier in a statement. Coop Mineraloel AG operates a total of 324 gas stations and retail locations throughout Switzerland. This strategic divestment is part of a larger initiative by Phillips 66 to strategically realign and generate liquidity to pursue other corporate objectives. Phillips 66 stated that the estimated sale price is $1.17 billion, supplemented by an assumed dividend of $70 million for the current year, which is to be paid at or before the completion of the transaction. The completion of the transaction is expected in the first quarter of 2025.