U.S. oil refiner Phillips 66 said on Monday it will acquire various pipelines and distribution systems from Ares-backed pipeline operator EPIC NGL in an all-cash deal for $2.2 billion, as it seeks to prop its natural gas liquid bet.

Phillips 66 to expand Permian Basin midstream business with $2.2B acquisition of EPIC NGL, boosting pipeline capacity and connecting production to Gulf Coast refiners.

Houston-based Phillips 66 (NYSE: PSX) will buy the natural gas liquids business of a Texas-based midstream company for $2.2 billion in cash. The acquired businesses — EPIC Y-Grade GP LLC and EPIC Y-Grade LP — own various subsidiaries and long-haul NGL pipelines, fractionation facilities and distribution systems connected to the Permian Basin.

Phillips 66 to acquire EPIC NGL business for $2.2 billion in cash. Assets include fractionators, pipelines, and plans for expansion, increasing earnings per share.

Phillips 66 announced a definitive agreement to buy EPIC Y-Grade GP, LLC and EPIC Y-Grade, LP for total cash consideration of $2.2 billion.

Phillips 66 said it would buy a Texas network of natural gas liquids pipelines and processing facilities from Epic NGL for $2.2 billion.