US energy company Phillips 66 has signed a definitive agreement to acquire the outstanding 50% ownership interest in WRB Refining from Cenovus Energy’s subsidiaries. This transaction, valued at $1.4bn, is subject to customary purchase price adjustments and is expected to close in the fourth quarter of 2025. WRB Refining, a joint venture (JV) between Phillips 66 and Cenovus Energy, owns the Borger refinery in Borger, Texas, and the Wood River refinery in Roxana, Illinois. These facilities together have a ...