The company said its subsidiary, Phillips 66 Limited, entered into a definitive agreement on October 14, 2024 to sell its 49% non-operated equity interest in Coop Mineraloel AG to its Swiss joint venture partner.

8-KOther EventsFiled Oct 15, 2024Period of report Oct 14, 2024Summary published (UTC) Oct 25, 2026

Key points

AI summary

The company said its subsidiary, Phillips 66 Limited, entered into a definitive agreement on October 14, 2024 to sell its 49% non-operated equity interest in Coop Mineraloel AG to its Swiss joint venture partner.
The company said the transaction is subject to approval by the Swiss Competition Commission and is expected to close in Q1 2025. It said the sales price is subject to adjustment based on the amount of the dividend.
The company said Mark Lashier, chairman and CEO, cited the transaction as progress in delivering on its commitment of over $3 billion in divestitures. It said CMA operates 324 retail sites and petrol stations across Switzerland, and that proceeds from the sale support the company's strategic priorities, including returns to shareholders.

Summary

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Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call. Some paragraphs were omitted because their support in the source could not be confirmed.

Phillips 66 Agrees to Sell Coop Mineraloel AG 49% Stake

The company said its subsidiary, Phillips 66 Limited, entered into a definitive agreement on October 14, 2024 to sell its 49% non-operated equity interest in Coop Mineraloel AG to its Swiss joint venture partner.

Source · Based on the filing body and exhibits

Swiss Approval Conditions and Expected Closing Timing

The company said the transaction is subject to approval by the Swiss Competition Commission and is expected to close in Q1 2025. It said the sales price is subject to adjustment based on the amount of the dividend.

Source · Based on the filing body and exhibits

Divestiture Commitment of Over $3 billion and Use of Proceeds

The company said Mark Lashier, chairman and CEO, cited the transaction as progress in delivering on its commitment of over $3 billion in divestitures. It said CMA operates 324 retail sites and petrol stations across Switzerland, and that proceeds from the sale support the company's strategic priorities, including returns to shareholders.

Source · Based on the filing body and exhibits

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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