Houston-based Phillips 66 (NYSE: PSX) will buy the natural gas liquids business of a Texas-based midstream company for $2.2 billion in cash. The acquired businesses — EPIC Y-Grade GP LLC and EPIC Y-Grade LP — own various subsidiaries and long-haul NGL pipelines, fractionation facilities and distribution systems connected to the Permian Basin.

Phillips 66 (NYSE:PSX) said Monday it agreed to acquire long-haul natural gas liquids pipeline owner EPIC NGL LP for $2.2B in cash, in a deal to help the refiner boost its Permian Basin midstream business.

U.S. oil refiner Phillips 66 said on Monday it will acquire various pipelines and distribution systems from Ares-backed pipeline operator EPIC NGL in an all-cash deal for $2.2 billion, as it seeks to prop its natural gas liquid bet.

Phillips 66 said Monday it would buy a Texas network of natural gas liquids pipelines and processing facilities from Epic NGL for $2.2 billion. The Houston oil giant has said it aims to boost its sales of natural gas liquids such as ethane,