HOUSTON — Phillips 66 announced Tuesday, Sept. 9, 2025, that it has agreed to acquire the remaining 50% ownership interest in WRB Refining LP from subsidiaries of Cenovus Energy Inc. for $1.4 billion in cash, subject to customary purchase price adjustments. The transaction is expected to close in the fourth quarter of 2025.
WRB Refining LP is a joint venture between Phillips 66 and Cenovus Energy that owns the Wood River refinery in Roxana and the Borger refinery in Borger, Texas. Phillips 66 has operated both facilities since the joint venture began in 2007.
“With full ownership of the Wood River and Borger refineries, we are strengthening our integrated business and expanding our position in a region where we lead the industry,” said Mark Lashier, chairman and CEO of Phillips 66. He added that the acquisition is expected to generate operational and commercial synergies of approximately $50 million per year by enabling full integration of the assets with Phillips 66’s broader value chain. Lashier also noted the transaction is expected to unlock opportunities for low-capital, high-return projects that provide incremental long-term shareholder value.
The Wood River refinery has a crude throughput capacity of 345,000 barrels per day (MBD), while the Borger refinery processes 149,000 MBD. Together, the acquisition will increase Phillips 66’s refining capacity by approximately 250,000 barrels per day. Both refineries can process heavy and medium sour crudes as well as light sweet crudes, and produce a high percentage of transportation fuels.
Phillips 66, headquartered in Houston, is an integrated downstream energy company with operations in refining, chemicals, marketing, renewable fuels, and midstream businesses. The company employs workers globally and focuses on safely providing energy while pursuing a lower-carbon future.
