Phillips 66 announces agreement to purchase remaining interest in WRB Refining LP

WRB Refining LP is a 50/50 joint venture between Phillips 66 and Cenovus Energy Inc. that owns the Wood River refinery in Roxana, Illinois, US, and the Borger refinery in Borger, Texas, US. Phillips 66 has operated both facilities since the inception of the joint venture in 2007.

“With full ownership of the Wood River and Borger refineries, we are strengthening our integrated business and expanding our position in a region where we are one of the leaders of the industry,” said Mark Lashier, Chairman and CEO of Phillips 66. “This acquisition is expected to deliver operational and commercial synergies of approximately US$50 million per year by enabling full integration of these assets with the broader Phillips 66 value chain. We also expect this transaction to unlock opportunities for low-capital, high-return projects that provide incremental long-term shareholder value.”

The Wood River and Borger refineries have crude throughput capacities of 345 million bpd and 149 million bpd, respectively, reflecting a combined increase of approximately 250 million bpd to Phillips 66’s refining capacity upon closing. The refineries can process heavy and medium sour crudes, as well as light sweet crudes. Both refineries also produce a high percentage of transportation fuels.

The transaction is expected to close during the 4Q25.

Read the article online at: https://www.hydrocarbonengineering.com/refining/10092025/phillips-66-announces-agreement-to-purchase-remaining-interest-in-wrb-refining-lp/