Houston-based Phillips 66 is doing a bit of rearranging in its joint venture department with DCP Midstream and Enbridge. Reese Energy Consulting today is following the latest news from Phillips, which has politely asked to acquire the rest of the stock it doesn’t already own in Denver-based DCP Midstream. Post the joint venture merger, DCP will become the surviving entity valued at $7.2 billon. Phillips’ restructuring of its JVs come as the U.S. refiner looks to beef up its NGLs business, which continues to see record fractionated volumes.

Now, set your inner accountant free.

As part of the new realignment, Phillips will increase its ownership of DCP from 28.3% to 43.3%. As part of its joint venture with Canada’s Enbridge, Phillips will decrease its ownership stake in the Gray Oak Pipeline from 42.3% to 6.5% and pay Enbridge $400 million in cash to do it. Enbridge’s share of Gray Oak will increase from 22.8% to 58.5% while its position in DCP will decrease from 28.3% to 13.2%. Enbridge will operate the pipeline currently in Phillips’ capable hands. The 849.4-mile Gray Oak flows crude from the Permian in West Texas to the Gulf Coast with a capacity of 900 MBPD.