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Phillips 66 PSX.N will sell its unoperated 49% stake in Coop Mineraloel AG to its Swiss partner for $1.24 billion, the U.S. refiner said on Monday.
The joint venture operates 324 retail locations and gas stations in Switzerland.
“This transaction marks significant progress toward fulfilling our commitment of more than $3 billion in divestments,” Mark Lashier, chief executive officer of Phillips 66, said in a statement.
The company said it would receive $1.17 billion as the sale price and $70 million as the deemed dividend for the current year, to be paid no later than the closing of the transaction.
Phillips 66 said last year it would monetize $3 billion in non-core assets in 2024 as part of a plan to increase returns by reducing costs and assets.
Last month, the company sold its natural gas gathering and processing assets in East Texas to Voyager Midstream.
Earlier this year, it agreed to sell 25% of its stake in Rockies Pipeline, which would net it $685 million after taxes.
The refiner said Monday that proceeds from the transaction, which is expected to close in the first quarter of 2025, “will support Phillips 66’s strategic priorities, including shareholder returns.”
