Cravath represented the sales agents, led by RBC Capital Markets, in connection with the establishment of an at-the-market program of common units totaling up to $250 million of Phillips 66 Partners LP, a growth-oriented master limited partnership formed by Phillips 66 to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum products and natural gas liquids pipelines and terminals and other transportation and midstream assets. The units will be listed on the New York Stock Exchange. The program was established on February 26, 2018.
The Cravath team included partners Andrew J. Pitts and D. Scott Bennett and associate Rebecca D. Stacker. Diane K. Mokoro also worked on this matter.