Phillips 66 announced it will spend 2.2 billion dollars to acquire EPIC NGL, a deal that will help the Houston-based refiner develop its midstream Business in the Permian Basin. Phillips 66 stated that it will acquire two fractionation plants located near Corpus Christi, Texas, about 350 miles of purity distribution pipeline, and a gas liquid pipeline of approximately 885 miles connecting production supplies from Delaware, Midland, and Eagle Ford basins to refineries. EPIC owns multiple subsidiaries and long-distance natural gas liquid pipelines, fractionation facilities, and distribution systems. This deal is expected to immediately enhance Phillips 66's EPS, but the completion of the transaction is subject to customary closing conditions.