What is the estimated valuation of the Explorer pipeline, and who are the current major stakeholders?

The Explorer refined products pipeline is valued at around $3.5 billion, according to people familiar with the matter. Shell and Phillips 66 collectively hold approximately 61% ownership of the legal entity that owns the pipeline, while Energy Transfer and MPLX own the remaining stakes.

Why are Shell and Phillips 66 considering selling their stakes in the Explorer pipeline, and who is managing the sale process?

Shell and Phillips 66 are weighing the sale amid heightened demand for energy infrastructure assets—especially from financial buyers—which has boosted valuations and encouraged owners to sell and reinvest proceeds in core or higher-growth business areas. Investment bankers at Greenhill, a Mizuho affiliate, and RBC Capital Markets have been retained to run the auction process, though deliberations remain at an early stage.

Shell, Phillips 66 Weigh Sale of Stakes in $3.5 Billion US Pipeline Explorer

Jul 29, 2026

Shell and Phillips 66 are exploring a sale of their stakes in the Explorer pipeline, valued at approximately $3.5 billion amid rising demand for energy infrastructure assets. Investment bankers have been retained to run an auction process for the refined products transport network.

reuters

2026-07-29

Shell, Phillips 66 Weigh Sale of Stakes in $3.5 Billion US Pipeline Explorer

2026-08-27

Shell has ended talks with Unimot over selling German refinery stake, Bloomberg News reports

Shell, Phillips 66 Weigh Sale of Stakes in $3.5 Billion US Pipeline Explorer

FAQ