On October 14, 2024, Phillips 66 announced that its subsidiary, Phillips 66 Limited, has reached a definitive agreement to sell its 49% non-operating equity stake in Coop Mineraloel AG (CMA) to its joint venture partner in Switzerland. The transaction will bring Phillips 66 1.06 billion Swiss francs (approximately $1.24 billion) in cash, consisting of a 1 billion Swiss franc sales price (approximately $1.17 billion) and an assumed dividend of 60 million Swiss francs (around $70 million) for the 2024 financial year. The dividend is expected to be paid by or before the closing of the deal. The final sales price could be adjusted based on the actual dividend payout.

Mark Lashier, chairman and CEO of Phillips 66, emphasized the importance of this transaction for the company's overall strategy. "This marks significant progress in delivering on our commitment to achieving over $3 billion in divestitures," Lashier said. He further highlighted that as the company continues to manage its portfolio, it will evaluate other potential asset sales that may no longer align with its long-term strategic objectives.

The sale of Phillips 66's stake in CMA is a move in line with the company’s efforts to streamline its portfolio and focus on assets that better support its core business and future growth. CMA operates a network of 324 retail sites and petrol stations throughout Switzerland, and its sale is expected to free up capital for Phillips 66 to focus on higher-return opportunities. The proceeds from the transaction will also be used to support the company's strategic goals, which include returning value to shareholders, investing in growth opportunities, and maintaining financial strength.

The transaction remains subject to regulatory approval by the Swiss Competition Commission. If approved, the deal is expected to close in the first quarter of 2025. Phillips 66’s decision to divest its interest in CMA reflects its ongoing efforts to optimize its portfolio while maintaining flexibility to invest in areas that align more closely with its long-term business strategy.

Phillips 66 (NYSE: PSX) is a prominent integrated energy company specializing in manufacturing, transporting, and marketing products that power the global economy. Its business segments include Midstream, Chemicals, Refining, Marketing, Specialties, and Renewable Fuels. Headquartered in Houston, Phillips 66 operates worldwide, with a workforce committed to delivering energy safely and efficiently. The company is also focused on advancing sustainability and transitioning to a lower-carbon future, reflecting its long-term strategic goals. With a global presence, Phillips 66 continues to play a vital role in meeting the world's energy needs while prioritizing safety and environmental responsibility.