HOUSTON--(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 Partners
Headquartered 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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https://www.businesswire.com/news/home/20181109005073/en/
Phillips 66 Partners
Jeff Dietert (investors), 832-765-2297
jeff.dietert@p66.com
or
Rosy
Zuklic (investors), 832-765-2297
rosy.zuklic@p66.com
or
Dennis
Nuss (media), 832-765-1850
dennis.h.nuss@p66.com
Source: Phillips 66 Partners