Phillips 66 reported that its subsidiary, Phillips 66 Ltd., has entered into a definitive agreement to sell its 49% non-operated equity interest in Coop Mineraloel AG (CMA) to its Swiss JV partner.

It will receive cash of 1.06 billion Swiss francs (approximately $1.24 billion) consisting of a 1 billion Swiss franc sales price (approximately $1.17 billion) and an assumed dividend of 60 million Swiss francs (approximately $70 million) for financial year 2024 to be paid at or prior to closing.

“This transaction marks significant progress in delivering on our commitment of over $3 billion in divestitures,” said Mark Lashier, chairman and CEO of Phillips 66. “As we manage our portfolio, we will continue to evaluate monetization of assets that no longer fit our long-term strategy.”

CMA operates 324 retail sites and petrol stations across Switzerland. Proceeds from the sale will support the strategic priorities of Phillips 66, including returns to shareholders.

The transaction is subject to approval by the Swiss Competition Commission. It is expected to close in Q1 2025.

For more information, visit phillips66.com.