Phillips 66 Gains Full Control of Wood River, Borger Refineries in $1.4 Billion Deal

Phillips 66 will acquire Cenovus Energy’s 50% stake in WRB Refining for $1.4 billion, gaining full ownership of the Wood River and Borger refineries and expanding its U.S. refining capacity.

(P&GJ) — Phillips 66 has agreed to acquire Cenovus Energy’s 50% stake in WRB Refining LP, giving the U.S. refiner full ownership of the joint venture that operates the Wood River and Borger refineries. The all-cash transaction is valued at $1.4 billion, subject to customary adjustments.

The partnership was formed in 2007, with Phillips 66 operating both facilities since its inception. The Wood River refinery in Roxana, Illinois, has a capacity of 345,000 barrels per day (bpd), while the Borger refinery in Borger, Texas, processes about 149,000 bpd.

“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 Phillips 66 chairman and CEO Mark Lashier. “This acquisition is expected to deliver operational and commercial synergies of approximately $50 million per year by enabling full integration of these assets with the broader Phillips 66 value chain.”

Phillips 66 said the deal will add about 250,000 bpd of refining capacity to its portfolio and create opportunities for low-capital, high-return projects. Both refineries process heavy and medium sour crudes as well as light sweet crudes, with output focused heavily on transportation fuels.

The acquisition is expected to close in the fourth quarter of 2025.