HOUSTON--(BUSINESS WIRE)--
Phillips 66 (NYSE: PSX) and Bridger Pipeline LLC announce a joint open
season for the proposed Liberty Pipeline, which will provide shippers
the opportunity to secure crude oil transportation service from the
Rockies and Bakken production areas to Corpus Christi, Texas. The
Liberty Pipeline is expected to have an initial throughput capacity of
350,000 barrels per day (BPD) with the ability to expand further
depending on shipper interest in the open season. The pipeline is
anticipated to be placed in service in the fourth quarter of 2020.
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Phillips 66 also announces an open season for the proposed Red Oak
Pipeline, which will provide shippers the opportunity to secure crude
oil transportation service from Cushing, Oklahoma, to Corpus Christi,
Houston and Beaumont, Texas. The Red Oak Pipeline is expected to have an
initial throughput capacity of 400,000 BPD with the ability to expand
further depending on shipper interest in the open season. The pipeline
is anticipated to be placed in service in the fourth quarter of 2020.
Both the Liberty Pipeline and the Red Oak Pipeline open seasons will
commence at 12 p.m. CST on Nov. 12, 2018. Prior to participating in the
open seasons, 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 Liberty Pipeline, please contact Blake Hotzel at Blake.R.Hotzel@p66.com
or Barry Oakes at Barry.Oakes@truecos.com.
For a form of confidentiality agreement and additional information
regarding the Red Oak Pipeline, please contact Alison Nelson at Alison.R.Nelson@p66.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 integral to the portfolio. Headquartered in Houston, the
company has 14,200 employees committed to safety and operating
excellence. Phillips 66 had $56 billion of assets as of Sept. 30, 2018.
For more information, visit www.phillips66.com
or follow us on Twitter @Phillips66Co.
About Bridger Pipeline LLC and its affiliated pipeline companies
Bridger
Pipeline LLC, Belle Fourche Pipeline Company, and Butte Pipe Line
Company are part of True companies and are based in Casper, WY. Bridger
Pipeline LLC owns and operates the Poplar System in eastern Montana, the
Four Bears Pipeline System in North Dakota, the Parshall Gathering
System and the Powder River System in Wyoming. Belle Fourche Pipeline
Company gathers and transports crude oil in the Williston Basin of
western North Dakota and the Powder River Basin of Wyoming, and Butte
Pipe Line Company owns the transmission line from Baker, Montana to
Guernsey, Wyoming. For more information visit www.truecos.com.
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,”
“continues,” “intends,” “will,” “would,” “objectives,” “goals,”
“projects,” “efforts,” “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 include
fluctuations in NGL, crude oil, and natural gas prices, and
petrochemical and refining margins; unexpected changes in costs for
constructing, modifying or operating our facilities; unexpected
difficulties in manufacturing, refining or transporting our products;
lack of, or disruptions in, adequate and reliable transportation for our
NGL, crude oil, natural gas, and refined products; potential liability
from litigation or for remedial actions, including removal and
reclamation obligations under environmental regulations; limited access
to capital or significantly higher cost of capital related to
illiquidity or uncertainty in the domestic or international financial
markets; the impact of adverse market conditions or other similar risks
to those identified herein affecting PSXP, as well as the ability of
PSXP to successfully execute its growth plans; and other economic,
business, competitive and/or regulatory factors affecting Phillips 66’s
businesses generally as 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.
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Phillips 66
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
or
Bridger
Pipeline
Bill Salvin (media), 480-363-3941
bsalvin@signalbridge.com
Source: Phillips 66