Phillips 66 has entered into a definitive agreement to acquire the remaining 50% ownership interest in WRB Refining from subsidiaries of Cenovus Energy for total cash consideration of $1.4 billion, subject to customary purchase price adjustments.

WRB Refining LP is a 50/50 joint venture between Phillips 66 and Cenovus Energy that owns the Wood River refinery in Roxana, Illinois, and the Borger refinery in Borger, Texas. 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 lead the industry,” said Mark Lashier, chairman and CEO of Phillips 66.

“This acquisition is expected to deliver operational and commercial synergies of approximately $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 MBD and 149 MBD, respectively, reflecting a combined increase of approximately 250 MBD 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 fourth quarter of 2025.