Houston-based Phillips 66 said last week it will acquire the remaining 50 percent interest in WRB Refining from subsidiaries of Cenovus Energy for $1.4 billion. WRB Refining is a 50/50 joint venture of Phillips 66 and Cenovus that includes a refinery in Borger serving markets across west Texas, New Mexico and the U.S. southwest. The site, with capacity of 149,000 barrels per day, features key units for fluid catalytic cracking, delayed coking and alkylation.
The JV also includes the Wood River refinery (345,000 b/d) in Roxana, Illinois. Phillips 66 has operated both facilities since the JV launched in 2007.
Mark Lashier, chairman and CEO of Phillips 66, said Sept. 9, “We are strengthening our integrated business and expanding our position in a region where we lead the industry. This acquisition is expected to deliver operational and commercial synergies of approximately $50 million per year by enabling full integration of these assets.”
Phillips 66 operates 12 refineries with combined capacity of more than 2.2 million b/d as of midyear 2025. The acquisition of WRB will increase total capacity to nearly 2.5 million b/d to solidify Phillips 66’s position as “one of the largest U.S.-based independent refiners.”
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