Shell, Phillips 66 Weigh Sale of Stakes in $3.5 Billion U.S. Pipeline Explorer, Sources Say

Shell and Phillips 66 are reportedly considering selling their majority stakes in the Explorer refined products pipeline, a transaction that could value the major U.S. energy infrastructure asset at approximately $3.5 billion. This potential sale highlights increased demand for energy infrastructure, particularly from financial buyers, encouraging current owners to divest and reinvest. The Explorer pipeline, a critical piece of infrastructure, transports refined products from Texas to the Midwest, with investment bankers retained to manage the auction process for Shell and Phillips 66's combined 61% ownership.