HOUSTON--(BUSINESS WIRE)--
Phillips 66 Partners (NYSE: PSXP), Harvest Midstream Company, and PBF
Logistics LP (NYSE: PBFX) have entered into an agreement to jointly
develop the ACE Pipeline System. The ACE Pipeline System will provide
crude oil transportation service from the market hub in St. James,
Louisiana, to downstream refining destinations in Belle Chasse, Meraux,
and Chalmette, Louisiana. The pipeline system is expected to have an
initial throughput capacity of 400,000 barrels per day, with the ability
to expand further depending on shipper interest. The parties may elect
to add a delivery destination in Clovelly, Louisiana, subject to market
demand. Subject to customary and regulatory approvals, the pipeline
system is expected to be placed in service in the second half of 2020.
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The ACE Pipeline System will include a new-build segment to connect the
St. James market center to the CAM Pipeline. Harvest Midstream will
contribute its existing CAM Pipeline to the ACE Pipeline System.
An open season will commence at 12 p.m. CST on January 14, 2019, for
transportation service on the ACE Pipeline System. 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, please email acepipeline@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.
About Harvest Midstream
Harvest Midstream Company is a privately held midstream services
provider based in Houston, TX. Harvest operates crude oil and natural
gas gathering, storage, transportation, treatment and terminalling
assets across the Lower 48 and Alaska. For more information, visit www.harvestmidstream.com.
About PBF Logistics LP
PBF Logistics LP, headquartered in Parsippany, New Jersey, is a
fee-based, growth-oriented master limited partnership formed by PBF
Energy Inc. to own or lease, operate, develop and acquire crude oil and
refined petroleum products terminals, pipelines, storage facilities and
similar logistics assets. For more information, visit http://www.pbflogistics.com.
CAUTIONARY STATEMENTS
Phillips 66 Partners:
This news 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.
PBF Logistics LP:
This news release contains forward-looking statements (as that term
is defined under the federal securities laws) made by the Partnership
and its management. Such statements are based on current expectations,
forecasts and projections, including, but not limited to, anticipated
financial and operating results, plans, objectives, expectations and
intentions that are not historical in nature. Forward-looking statements
should not be read as a guarantee of future performance or results and
may not necessarily be accurate indications of the times at, or by
which, such performance or results will be achieved. Forward-looking
statements are based on information available at the time, and are
subject to various risks and uncertainties, including risks relating to
the securities markets generally, the impact of adverse market
conditions impacting PBFX’s logistics and other assets, the possibility
that the Partnership may not consummate proposed acquisitions or
projects, the Partnership’s plans for financing proposed organic
projects, and other risks inherent in PBFX’s business. For more
information concerning factors that could cause actual results to differ
from those expressed or forecasted, see PBFX’s filings with the
Securities and Exchange Commission including its most recent Annual
Report on Form 10-K and its Quarterly Report on Form 10-Q for the
quarter-ended September 30, 2018. Forward-looking statements reflect
information, facts and circumstances only as of the date they are made.
The Partnership assumes no responsibility or obligation to update
forward-looking statements except as may be required by law.
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Jeff Dietert (investors)
832-765-2297
jeff.dietert@p66.com
or
Brent
Shaw (investors)
832-765-2297
brent.d.shaw@p66.com
or
Dennis
Nuss (media)
832-765-1850
dennis.h.nuss@p66.com
PBF LOGISTICS CONTACTS
Colin Murray
(investors)
973-455-7578
ir@pbfenergy.com
or
Michael
C. Karlovich (media)
973-455-8994
mediarelations@pbfenergy.com
HARVEST MIDSTREAM COMPANY CONTACT
Katharine
Denby (media)
713-289-2906
kdenby@harvestmidstream.com
Source: Phillips 66 Partners