Phillips 66 (NYSE:PSX) has announced that its subsidiary, Phillips 66 , will sell its 49% non-operated equity interest in Coop Mineraloel AG (CMA) to its Swiss joint venture partner. The company will receive 1.06 billion Swiss francs (approximately $1.24 billion), including a 1 billion Swiss franc sales price and an assumed dividend of 60 million Swiss francs for 2024.
This transaction is part of Phillips 66’s commitment to over $3 billion in divestitures. CMA operates 324 retail sites and petrol stations across Switzerland. The sale…