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

Phillips 66 has signed a deal to acquire EPIC Y-Grade GP LLC and EPIC Y-Grade LP for $2.2 billion, expanding its midstream footprint in the Permian Basin. The two, part of EPIC Consolidated Operations LLC, own natural gas liquids (NGL) pipelines, fractionation facilities and distribution systems.

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.

Phillips 66 said Monday it would buy a Texas network of natural gas liquids pipelines and processing facilities from Epic NGL for $2.2 billion. The Houston oil giant has said it aims to boost its sales of natural gas liquids such as ethane,