Correction: Phillips 66 Partners-IPO

Published on NewsOK Modified: March 29, 2013 at 4:22 pm •  Published: March 29, 2013

By definition a master limited partnership is publicly traded and gets most of its cash flow from real estate, natural resources and commodities. There are certain tax benefits in those partnerships that some investors find attractive.

Phillips 66, a Houston-based refining and pipeline company, said in December that the partnership would help pay for expansion in the transportation and midstream sectors, while boosting value for the company's shareholders.

J.P. Morgan and Morgan Stanley are the proposed offering's joint underwriters.

Phillips 66 rose 98 cents to $69.25 in afternoon trading.

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