Phillips 66 (NYSE:PSX) inked a deal to acquire Pinnacle Midland Parent LLC from Energy Spectrum Capital for a cash consideration of $550 million. The strategic move reflects the expansion of its natural gas gathering and processing footprint in the Midland Basin. Pinnacle’s assets include the recently built Dos Picos natural gas gathering and processing system. It is a 220 MMcf/d gas processing plant, 80 miles of gathering pipeline, and 50,000 dedicated acres through high-quality producers in one of Phillips 66’s core basins.  The Dos Picos ...