Exclusive-Shell, Phillips 66 weigh sale of stakes in $3.5 billion US pipeline Explorer, sources say

Shell and Phillips 66 are reportedly exploring the sale of their combined 61% stake in the company that owns the Explorer refined products pipeline, which could be valued at approximately $3.5 billion. This potential divestiture is driven by high demand for energy infrastructure assets from financial buyers, allowing companies to reinvest proceeds into core business areas. The sale process is in early stages, with Greenhill and RBC Capital Markets managing the auction, and other stakeholders like Energy Transfer and MPLX might also contribute their holdings if there's strong interest in acquiring the entire pipeline.