Phillips 66 sells Trainer refinery to Delta Air Lines

Phillips 66 and Monroe Energy LLC have signed a purchase and sales agreement for Monroe Energy LLC, a subsidiary of Delta Air Lines, to purchase the Trainer Refinery and associated terminal and pipeline assets for $180 million. The purchase price does not include the value of existing inventories. The transaction is expected to close in the first half of 2012.

Phillips 66 also has entered into multi-year agreements with Monroe to supply jet fuel to Monroe in other regions of the country while Phillips 66 will purchase gasoline and other refined products from Monroe at the Trainer Refinery and local terminals.

Phillips 66 appreciates the support that our employees, the community and local, state and federal officials have demonstrated throughout the sales process.

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