Phillips 66 Partners Announces Expansion Open Season for West Texas Service with the Gray Oak Pipeline
10 November 2018 - 12:31AM
Business Wire
Phillips 66 Partners (NYSE: PSXP) announces that Gray Oak
Pipeline, LLC (“Gray Oak”) is launching a binding expansion open
season to solicit shipper commitments for services from West Texas.
The expansion open season will provide an opportunity for
interested shippers to secure long-term crude oil transportation
with the Gray Oak Pipeline under binding transportation services
agreements.
The expansion includes new takeaway capacity from Gray Oak
Pipeline origination stations in West Texas to destinations in the
Corpus Christi and Freeport markets. The final scope and capacity
will depend on the outcome of the expansion open season. The
pipeline expansion is expected to be placed in service in the
fourth quarter of 2020.
The expansion open season will commence at 12 p.m.
CST on Nov. 12, 2018. Prior to participating in the open
season, interested parties must execute a confidentiality agreement
to govern the receipt of the open season documentation. For a form
of confidentiality agreement and additional information regarding
the expansion of the Gray Oak Pipeline, please contact
Corey.Leonard@p66.com.
About Phillips 66 PartnersHeadquartered in Houston,
Phillips 66 Partners is a growth-oriented master limited
partnership formed by Phillips 66 to own, operate, develop and
acquire primarily fee-based crude oil, refined petroleum products
and natural gas liquids pipelines, terminals and other midstream
assets. For more information, visit www.phillips66partners.com.
CAUTIONARY STATEMENTS
This press release contains forward-looking statements as
defined under the federal securities laws, including projections,
plans and objectives. Although Phillips 66 Partners believes that
expectations reflected in such forward-looking statements are
reasonable, no assurance can be given that such expectations will
prove to be correct. In addition, these statements are subject to
certain risks, uncertainties and other assumptions that are
difficult to predict and may be beyond Phillips 66 Partners’
control. If one or more of these risks or uncertainties
materialize, or if underlying assumptions prove incorrect, actual
results may vary materially from what Phillips 66 Partners
anticipated, estimated, projected or expected. The key risk factors
that may have a direct bearing on the forward-looking statements
are the accuracy of our assumptions used to estimate the timing of
permit receipts and the construction schedule, the ultimate number
of co-venturers and associated ownership interests, and our ability
to successfully construct and integrate the assets into our
operations, and other factors as described in the filings that
Phillips 66 Partners makes with the Securities and Exchange
Commission. In light of these risks, uncertainties and assumptions,
the events described in the forward-looking statements might not
occur or might occur to a different extent or at a different time
than as described. All forward-looking statements in this release
are made as of the date hereof and Phillips 66 Partners undertakes
no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20181109005073/en/
Phillips 66 PartnersJeff Dietert (investors),
832-765-2297jeff.dietert@p66.comorRosy
Zuklic (investors), 832-765-2297rosy.zuklic@p66.comorDennis Nuss (media),
832-765-1850dennis.h.nuss@p66.com
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