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Phillips 66 Co. has entered into a definitive agreement to acquire the remaining 50% interest in WRB Refining LP from partner Cenovus Energy Inc. for $1.4 billion in cash, ending a nearly 20-year joint venture between the companies. Upon scheduled close of the transaction later this year, Phillips 66 will take full ownership of the 345,000-b/d Wood River refinery in Roxana, Ill., and the 149,000-b/d Borger refinery in Borger, Tex., both of which Phillips 66 has operated since the WRB Refining JV’s formation in 2007. Mark Lashier, Phillips 66’s chairman and chief executive officer, said full ownership will improve integration with the company’s broader value chain and generate about $50 million in annual synergies. He also noted the potential for future low-cost, high-return projects tied to the assets. Cenovus’s divestment of interest in the refineries comes as part of the company’s strategy of owning and operating the assets that are core to its business, according to Jon McKenzie, Cenovus’s president and chief executive officer. “After the sale of WRB, our downstream business will be more focused, comprised of assets we control, which provide physical integration and egress for our leading upstream heavy oil business,” McKenzie said. Located in the US Midwest refining hub near St. Louis, Wood River is one of the largest refineries in the region. Equipped with units for coking, hydrocracking, and hydrotreating, the refinery can run a high percentage of heavy Canadian crude. A more complex inland refinery that processes a range of crudes—including domestic light sweet and Western Canadian blends—Borger serves markets across West Texas, New Mexico, and the US Southwest. The site features key units for fluid catalytic cracking, delayed coking, and alkylation. Together, the two refineries will increase Phillips 66’s overall nameplate refining capacity by about 250,000 b/d and deepen its presence in inland US markets. Already operated by Phillips 66, both plants are also integrated with the company’s midstream and marketing assets. Strategic implications The proposed transaction comes at a time when many US refiners are reassessing long-term capital allocation, portfolio optimization, and regional integration. Unlike peers that are shedding refining assets or reducing exposure, Phillips 66 has maintained a balanced position between refining, midstream, and chemicals. “This acquisition strengthens our integrated value chain and increases our flexibility in a key region where we have scale and market access,” said Lashier. “By taking full ownership, we expect to capture approximately $50 million/year in operational and commercial synergies.” As of mid-2025, Phillips 66 operates 12 refineries with a combined capacity of over 2.2 million b/d. The WRB acquisition will push total capacity close to 2.5 million b/d, solidifying its position as one of the largest US-based independent refiners. While Phillips 66 continues to invest in lower-carbon initiatives and renewable fuels, its core refining portfolio remains a key earnings contributor. The company has been focusing on optimizing existing assets rather than greenfield expansion, and recent capital has largely gone into yield improvements, reliability, and co-processing upgrades.

Phillips 66 to take full ownership of Wood River, Borger refineries

Phillips 66 Co. has entered into a definitive agreement to acquire the remaining 50% interest in WRB Refining LP from partner Cenovus Energy Inc. for $1.4 billion in cash, ending a nearly 20-year joint venture between the companies. Upon scheduled close of the transaction later this year, Phillips 66 will take full ownership of the…

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Vår Energi ramps peak production from Jotun FPSO in North Sea

Vår Energi ramps peak production from Jotun FPSO in North Sea

Vår Energi ASA reached peak production from the Jotun floating production, storage and offloading vessel (FPSO) ahead of schedule. The Jotun FPSO is now producing over 80,000 boe/d from the North Sea. The production is in addition to the current 30,000 boe/d gross combined from the Balder floating production unit (FPU) and Ringhorne infrastructure in…

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BREAKING: Amtrak NextGen Acela Trains to Debut on 28 August

BREAKING: Amtrak NextGen Acela Trains to Debut on 28 August

Amtrak has confirmed that its NextGen Acela high-speed service will officially launch on Thursday, 28 August 2025, connecting Boston and Washington, D.C. with stops in major cities along the Northeast Corridor, including New York. The rollout begins with five new trainsets, with a total of 28 NextGen Acela trains scheduled to enter service in phases…

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Denmark: Lokaltog Orders 10 Additional Stadler FLIRT Akku Battery Trains

Denmark: Lokaltog Orders 10 Additional Stadler FLIRT Akku Battery Trains

Stadler has received a follow-up order from Lokaltog A/S for ten additional FLIRT Akku battery-powered trains, exercising an option from the original contract signed in October 2024. The new trains are scheduled to enter service in the first half of 2029, gradually replacing the aging IC2 fleet currently operating on regional routes across Region Zealand,…

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Alstom and Arcada Secure €450M Contract to Modernise Romania’s Historic Bucharest–Giurgiu Railway

Alstom and Arcada Secure €450M Contract to Modernise Romania’s Historic Bucharest–Giurgiu Railway

Alstom, together with Romanian construction company Arcada, has secured a major contract to modernise the second section of the Bucharest–Giurgiu railway line. The project includes full **electrification of the route** and the implementation of European Rail Traffic Management System (ERTMS) Level 2. The works will be carried out by the Asocierea RailWorks consortium, formed by…

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