Phillips 66 to Spend Up to $1.5 Billion on Sweeny Hub Expansion

Date : 13/06/2018 @ 23:49
Source : Dow Jones News
Stock : Phillips 66 (PSX)
Quote : 114.3  -1.25 (-1.08%) @ 06:03
Phillips 66 share price Chart

Phillips 66 to Spend Up to $1.5 Billion on Sweeny Hub Expansion

Phillips 66 (NYSE:PSX)
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   By Colin Kellaher 
 

Phillips 66 (PSX) on Wednesday said it will invest up to $1.5 billion to expand its Sweeny Hub in Texas, adding 300,000 barrels a day of new fractionation capacity.

The Houston energy and logistics company said the project includes two 150,000-barrel-a-day natural-gas-liquids fractionators, additional NGL storage capacity and associated pipeline infrastructure.

Phillips said it has secured supply agreements for Y-grade NGL feedstock, including an agreement with DCP Midstream LP (DCP), which has an option to acquire up to a 30% stake in the new fractionators. DCP said the option is exercisable at the in-service date of the fractionators, with a capital investment of about $400 million.

The Sweeny Hub, located in Old Ocean, southwest of Houston, currently has 100,000 barrels a day of fractionation capacity. Phillips said it expects the project to begin commercial operations in late 2020.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

June 13, 2018 09:34 ET (13:34 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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