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Researched by Industrial Info Resources (Sugar Land, Texas)--Integrated energy company Phillips 66 (NYSE:PSX) (Houston, Texas) and its midstream spinoff Phillips 66 Partners (NYSE:PSXP) (Houston) are moving along with project activity in the midstream sector. In fourth-quarter 2019, Phillips 66 started up a major pipeline in Texas and continues pursuing further developments in the transmission and fractionation sectors.
In the company's recent earnings conference call with analysts, Phillips 66 Chief Executive Officer Greg Garland gave updates on the company's recent capital project completions and future plans. Garland said, "Phillips 66 Partners commenced initial operations on the Gray Oak Pipeline in November, and we anticipate full service in the second quarter of 2020. The 900,000-barrel-per-day (BBL/d) pipeline will transport crude oil from the Permian and the Eagle Ford to the Texas Gulf Coast, including our Sweeny Refinery." Construction on the 850-mile pipeline began in late 2018, with various general contractors across the different spreads. For more information, see Industrial Info's project report.
Gray Oak will connect to multiple refineries and export facilities in the Corpus Christi, Texas, area, including the South Texas Gateway Terminal, in which Phillips 66 Partners has a 25% ownership, along with Buckeye Partners LP (NYSE:BPL) (Houston) and Marathon Petroleum Corporation (NYSE:MPC) (Findlay, Ohio). Garland said, "The terminal will have two deepwater marine docks, 8.5 million barrels of storage capacity and up to 800,000 BBL/d of throughput capacity. The terminal is expected to start up in the third quarter of 2020." For more information, see Industrial Info's project report.
Phillips 66's pipeline activity leading to the Texas Gulf Coast isn't complete. The Red Oak Pipeline, in which the company owns a 50% interest, will connect Cushing, Oklahoma, to multiple locations along the Gulf Coast, including Corpus Christi, Ingleside, Houston and Beaumont. The pipeline will run more than 750 miles and carry up to 400,000 BBL/d. Construction is expected to begin later this year and wrap up in the first half of 2021. For more information, see Industrial Info's project reports on the Oklahoma portion and the Wichita Falls- and Corpus Christi-based segments in Texas.
Phillips 66 also is pursuing pipeline projects outside of Texas and the Permian region. Garland said, "The Liberty Pipeline will provide transportation for the growing Rockies and Bakken production areas to Cushing. We own a 50% interest and will construct and operate Liberty." Construction is planned to kick off later this year, for completion in 2021. The pipeline and pump stations have a combined total investment value of more than $3.5 billion and will move approximately 350,000 BBL/d. Click here for reports on the 17 related projects.
Phillips 66's footprint goes significantly beyond pipelines and terminals, and the company is at work on three natural gas liquids fractionators at its Sweeny Hub in Old Ocean, Texas. Each fractionator will have a capacity of 150,000 BBL/d. Garland said, "Fracs 2 and 3 are on track to start up in the fourth quarter of 2020. Frac 4 is expected to be completed in the second quarter of 2021. The fracs are backed by long-term customer commitments. On the completion of Frac 4, Sweeny Hub will have 550,000 BBL/d of fractionation capacity." For more information, see Industrial Info's project reports on Frac 2, Frac 3 and Frac 4.
Phillips 66 reported fourth-quarter 2019 earnings of $736 million, compared with $712 million in the the third quarter.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
In the company's recent earnings conference call with analysts, Phillips 66 Chief Executive Officer Greg Garland gave updates on the company's recent capital project completions and future plans. Garland said, "Phillips 66 Partners commenced initial operations on the Gray Oak Pipeline in November, and we anticipate full service in the second quarter of 2020. The 900,000-barrel-per-day (BBL/d) pipeline will transport crude oil from the Permian and the Eagle Ford to the Texas Gulf Coast, including our Sweeny Refinery." Construction on the 850-mile pipeline began in late 2018, with various general contractors across the different spreads. For more information, see Industrial Info's project report.
Gray Oak will connect to multiple refineries and export facilities in the Corpus Christi, Texas, area, including the South Texas Gateway Terminal, in which Phillips 66 Partners has a 25% ownership, along with Buckeye Partners LP (NYSE:BPL) (Houston) and Marathon Petroleum Corporation (NYSE:MPC) (Findlay, Ohio). Garland said, "The terminal will have two deepwater marine docks, 8.5 million barrels of storage capacity and up to 800,000 BBL/d of throughput capacity. The terminal is expected to start up in the third quarter of 2020." For more information, see Industrial Info's project report.
Phillips 66's pipeline activity leading to the Texas Gulf Coast isn't complete. The Red Oak Pipeline, in which the company owns a 50% interest, will connect Cushing, Oklahoma, to multiple locations along the Gulf Coast, including Corpus Christi, Ingleside, Houston and Beaumont. The pipeline will run more than 750 miles and carry up to 400,000 BBL/d. Construction is expected to begin later this year and wrap up in the first half of 2021. For more information, see Industrial Info's project reports on the Oklahoma portion and the Wichita Falls- and Corpus Christi-based segments in Texas.
Phillips 66 also is pursuing pipeline projects outside of Texas and the Permian region. Garland said, "The Liberty Pipeline will provide transportation for the growing Rockies and Bakken production areas to Cushing. We own a 50% interest and will construct and operate Liberty." Construction is planned to kick off later this year, for completion in 2021. The pipeline and pump stations have a combined total investment value of more than $3.5 billion and will move approximately 350,000 BBL/d. Click here for reports on the 17 related projects.
Phillips 66's footprint goes significantly beyond pipelines and terminals, and the company is at work on three natural gas liquids fractionators at its Sweeny Hub in Old Ocean, Texas. Each fractionator will have a capacity of 150,000 BBL/d. Garland said, "Fracs 2 and 3 are on track to start up in the fourth quarter of 2020. Frac 4 is expected to be completed in the second quarter of 2021. The fracs are backed by long-term customer commitments. On the completion of Frac 4, Sweeny Hub will have 550,000 BBL/d of fractionation capacity." For more information, see Industrial Info's project reports on Frac 2, Frac 3 and Frac 4.
Phillips 66 reported fourth-quarter 2019 earnings of $736 million, compared with $712 million in the the third quarter.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
