Phillips 66 (NYSE: PSX) announces that its Freeport LPG Export Terminal
located in Freeport, Texas, is fully operational. The company loaded its
first contracted cargo on the Commander, a very large gas carrier that
departed the terminal on Dec. 16.
This Smart News Release features multimedia. View the full release here:
Aerial photo of the first contracted cargo being loaded on the VLGC Commander at the Freeport LPG Export Terminal. (Photo: Business Wire)
“The startup of the Freeport LPG Export Terminal is the culmination of a
four-year effort to develop a new U.S. Gulf Coast natural gas liquids
(NGL) market hub that also includes Phillips 66 Partners’ 100,000
barrel-per-day Sweeny fractionator and 7.5 million barrel Clemens
storage facility,” said Greg Garland, chairman and CEO of Phillips 66.
“The new liquefied petroleum gas (LPG) export terminal gives customers
the ability to place multi-grade LPG products directly into global
markets through Port Freeport, which provides immediate blue water
access with minimal congestion.”
The Freeport LPG Export Terminal can simultaneously load two ships with
refrigerated propane and butane at a combined rate of 36,000 barrels per
hour. Supply is sourced from the Phillips 66 Partners’ Sweeny
fractionator and Clemens storage facility, which is connected by
pipeline to the Mont Belvieu Hub.
The export facility was developed to satisfy the growing international
demand for affordable U.S. NGL. Expecting U.S. production to continue to
grow, Phillips 66 is actively evaluating additional NGL fractionation
and infrastructure alternatives along the U.S. Gulf Coast.
For more information about Phillips 66’s Midstream business, visit our
website at www.phillips66midstream.com.
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics company.
With a portfolio of Midstream, Chemicals, Refining, and Marketing and
Specialties businesses, the company processes, transports, stores and
markets fuels and products globally. Phillips 66 Partners, the company's
master limited partnership, is an integral asset in the portfolio.
Headquartered in Houston, the company has 14,000 employees committed to
safety and operating excellence. Phillips 66 had $50 billion of assets
as of Sept. 30, 2016. For more information, visit www.phillips66.com
or follow us on Twitter @Phillips66Co.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS
OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains certain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
which are intended to be covered by the safe harbors created thereby.
Words and phrases such as “is anticipated,” “is estimated,” “is
expected,” “is planned,” “is scheduled,” “is targeted,” “believes,”
“intends,” “objectives,” “projects,” “strategies” 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’s operations (including joint venture operations) are based on
management’s expectations, estimates and projections about the company,
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 are set forth in our filings with the Securities and Exchange
Commission. Phillips 66 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161216005479/en/
Source: Phillips 66