Duke, Phillips plan new company: Duke Energy and Phillips Petroleum Co. plan to merge their natural gas units to form one of the nations largest midstream

Duke, Phillips plan new company: Duke Energy and Phillips Petroleum Co. plan to merge their natural gas units to form one of the nation`s largest midstream natural gas liquids business, Duke Energy Field Services. The combined business is expected to have a value of between $5 billion and $6 billion. It will operate 67 plants and 57,000 miles of pipeline and will produce 400,000 barrels per day of natural gas liquids. At closing, Duke Energy will own about 70 percent of the new company, and Phillips Petroleum will own about 30 percent.

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