Phillips 66 Partners LP (NYSE: PSXP) announces the board of directors of
its general partner declared a fourth-quarter 2014 cash distribution of
$0.34 per limited partnership unit. This quarter’s distribution
represents an increase of 7 percent over the previous quarterly
distribution of $0.3168 per unit and a 51 percent increase over
fourth-quarter 2013. The distribution is payable Feb. 13, 2015, to
unitholders of record as of Feb. 4, 2015.
In addition, the previously announced joint ventures between Phillips 66
Partners and Paradigm Energy Partners to develop midstream logistics
infrastructure in the Bakken region have been formed and governance
agreements completed. Under the agreements, a wholly owned subsidiary of
Phillips 66 Partners holds a 70 percent ownership interest in the joint
venture developing the Palermo Rail Terminal, a 50 percent ownership
interest in the joint venture constructing a crude oil storage and
central delivery point facility in Keene, North Dakota, and, through the
50 percent joint venture, a 44 percent ownership interest in the
Sacagawea Pipeline. These projects are expected to provide long-term,
reliable and cost-effective take-away options, and increased flow
assurance, as well as additional outbound capacity and market
optionality for producers and marketers in the region.
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
product and natural gas liquids pipelines and terminals and other
transportation and midstream assets. For more information, visit www.phillips66partners.com.
This release is intended to be a qualified notice to nominees as
provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d).
Please note that 100 percent of Phillips 66 Partners LP’s distributions
to foreign investors are attributable to income that is effectively
connected with a United States trade or business. Accordingly, all of
Phillips 66 Partners LP’s distributions to foreign investors are subject
to federal income tax withholding at the highest applicable effective
tax rate. Nominees, and not Phillips 66 Partners LP, are treated as the
withholding agents responsible for withholding on the distributions
received by them on behalf of foreign investors.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This news release includes forward-looking statements. Words and
phrases such as “is expected,” “is planned,” “believes,” “projects,” and
similar expressions are used to identify such forward-looking
statements. However, the absence of these words does not mean that a
statement is not forward-looking. Forward-looking statements relating to
Phillips 66 Partners’ operations are based on management’s expectations,
estimates and projections about the partnership, its interests and the
energy industry in general on the date this news release was prepared.
These statements are not guarantees of future performance and involve
certain risks, uncertainties and assumptions that are difficult to
predict. Therefore, actual outcomes and results may differ materially
from what is expressed or forecast in such forward-looking statements.
Factors that could cause actual results or events to differ materially
from those described in the forward-looking statements include those as
set forth in our filings with the Securities and Exchange Commission.
Phillips 66 Partners is under no obligation (and expressly disclaims any
such obligation) to update or alter its forward-looking statements,
whether as a result of new information, future events or otherwise.
Source: Phillips 66 Partners LP