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Phillips 66 Partners LP Opens for Trading Up 26 Percent

Phillips 66 Partners LP (NYSE: PSXP) opened at $28.98–up more than 25 percent from its IPO price of $23.00.

Phillips 66 (NYSE: PSX) created the limited partnership in March and will use the $377.8 million it made from the IPO for general business purposes including acquiring pipelines, terminals, and other assets.

Shares of Phillips 66 are currently trading 2.6 percent higher at $59.43.

[stock-tools exchange="NYSE" symbol="PSXP" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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