Phillips 66 Reaches Agreement To Acquire Publicly Held Common Units Of DCP Midstream, LP For $41.75/Unit; Will Increase Interest To 86.8%

Phillips 66 (NYSE:PSX) and DCP Midstream, LP ("DCP Midstream") (NYSE:DCP) announced today that they have entered into a definitive agreement pursuant to which Phillips 66 will acquire all of the publicly held common units representing limited partner interests in DCP Midstream for cash consideration of $41.75 per common unit, increasing its economic interest in DCP Midstream to 86.8%.