March 27 (Reuters) - Phillips 66 Partners LP has registered for an initial public offering of units in the midstream partnership that would raise $300 million, making Phillips 66 just the latest U.S. refining company to launch such a tax-efficient vehicle.
The offering is expected in the second half of this year, Phillips 66 Partners said in a statement on Wednesday.
It was formed for Phillips 66 assets expected to include the Clifton Ridge oil pipeline and storage system in Louisiana and refined product pipelines and storage in Texas and Illinois: Sweeny-Pasadena and Hartford Connector, respectively.
Greg Garland, chief executive of Phillips 66, had told investors in December that the company would look at a master limited partnership (MLP) as a “very efficient vehicle” to accelerate its infrastructure growth.
Many energy companies have created MLPs, which rely on easy access to capital markets to fund growth. They are typically made up of assets including pipelines, gas processing plants or long-lived oil and gas fields that generate steady cash flows.
The partnership said in a statement its units would trade on the New York Stock Exchange under the “PSXP” ticker symbol. JP Morgan and Morgan Stanley are acting as joint book-running managers for the offering.
Among other refining-related MLPs, there was the January IPO of CVR Refining LP, while Tesoro Logistics LP was launched in 2011 by refiner Tesoro Corp.