(Bloomberg) -- Phillips 66, the U.S. oil refiner, agreed to buy the rest of its pipeline affiliate that it doesn’t already own in a deal valued at about $3.4 billion.

Investors in the affiliate, Phillips 66 Partners, will get 0.5 of a Phillips 66 share, the companies said Wednesday in a statement.

The deal is the latest example of a U.S. energy rolling up a master limited partnership, a corporate structure often used in the pipeline industry.

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