Phillips 66 has announced an agreement to divest a 65 percent interest in its retail marketing business in Germany and Austria to a consortium owned by subsidiaries of Energy Equation Partners and Stonepeak. The business, which includes 970 sites, 843 of which are JET-branded, is valued at approximately €2.5 billion. Phillips 66 will retain a 35 percent non-operated interest through a newly formed joint venture. The transaction is expected to provide Phillips 66 with pre-tax cash proceeds of about €1.5 billion, which will be used to support strategic priorities such as debt reduction and shareholder returns. Completion of the transaction is anticipated in the second half of 2025, pending regulatory approvals.