Phillips 66 (NYSE: PSX) will acquire Cenovus Energy’s remaining 50 per cent stake in WRB Refining LP for $1.4 billion, gaining full ownership of the Wood River (345 MBD) and Borger (149 MBD) refineries.
The deal boosts refining capacity by ~250 MBD, adds $50 million in annual synergies, and enables integration with Phillips 66’s value chain.
Closing is expected in Q4 2025.