U.S. oil refiner Phillips 66 said on Monday it will acquire various pipelines and distribution systems from Ares-backed pipeline operator EPIC NGL in an all-cash deal for $2.2 billion, as it seeks to prop its natural gas liquid bet.

Houston-based Phillips 66 (NYSE: PSX) will buy the natural gas liquids business of a Texas-based midstream company for $2.2 billion in cash. The acquired businesses — EPIC Y-Grade GP LLC and EPIC Y-Grade LP — own various subsidiaries and long-haul NGL pipelines,

U.S. natural gas futures jumped to their biggest gain of the new year, as strong weather-driven demand is now seen extending well beyond mid-January. Freezing weather and snow storms across the U.S. could cause massive power outages and boost natural gas demand to its highest levels of the winter,

The winter storm that has dumped snow across swaths of the country and disrupted travel hit the natural-gas markets Monday, lifting futures prices. Natural-gas futures for Febr

A wave of predictions that a polar vortex will make this January the coldest in years sent natural gas prices up this week, and experts say it could test supplies in the U.S. and Europe.