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May 22, 2024--Researched by Industrial Info Resources (Sugar Land, Texas)--Phillips 66 (NYSE:PSX) (Houston, Texas) said it would offer $550 million in cash to take a stronger position in the natural gas available in the Permian Basin through the acquisition of Pinnacle Midland Parent LLC (Houston). Pinnacle counts the Dos Picos natural gas processing and gathering system in its portfolio. The system, located in West Texas, includes 80 miles of pipeline and a processing facility with a design capacity of 220 million cubic feet per day.

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