Press release from Business Wire
Phillips 66 Pipeline Launches Open Season for Potential Cross-Channel Pipeline to Galena Park
Wednesday, October 16, 2013
Phillips 66 Pipeline Launches Open Season for Potential Cross-Channel Pipeline to Galena Park17:00 EDT Wednesday, October 16, 2013
HOUSTON (Business Wire) -- Energy manufacturing and logistics company Phillips 66 (NYSE: PSX) announces that its wholly owned subsidiary, Phillips 66 Pipeline LLC, is launching an open season at 8 a.m. Central Time on Oct. 17, 2013, to assess firm customer interest to transport refined petroleum products from refineries and terminals on the south side of the Houston Ship Channel to the Magellan Midstream Partners and Kinder Morgan Energy Partners systems on the north side of the channel at Galena Park and East Houston. Interested customers must submit binding commitments by 5:00 p.m. Central Time on Nov. 18th, 2013.
As part of this Cross-Channel Connector project, Phillips 66 Pipeline LLC is proposing to reactivate an idle section of 20-inch diameter pipeline under the Houston Ship Channel and expand an existing 20-inch diameter active line in Pasadena, Texas. This pipeline system is expected to increase access to products from refineries in the Houston area as well as inbound supply from Magellan's Texas City pipeline system and Kinder Morgan's Pasadena terminal.
Subject to sufficient and timely market commitments and receipt of the necessary permits and regulatory approval, the potential Cross-Channel Connector could be fully operational mid-year 2014. Not only would the Phillips 66 Pipeline project provide open access transportation to an additional cross-channel refined products pipeline, but it would also provide shippers the flexibility to move between several of the Houston Ship Channel's largest refined products terminals.
For customer inquiries regarding the open season, please contact Daniel O'Donnell at (832) 765-1982 or Dan.T.ODonnell@P66.com. More information about the open season is available at www.phillips66pipeline.com/EN/tariffs.
About Phillips 66
Built on more than 130 years of experience, Phillips 66 is a growing energy manufacturing and logistics company with high-performing Midstream, Chemicals, Refining, and Marketing and Specialties businesses. Phillips 66 Pipeline LLC, a wholly owned subsidiary of Phillips 66, operates more than 12,000 miles of pipelines in the U.S. This diverse portfolio enables Phillips 66 to capture opportunities in the changing energy landscape. Headquartered in Houston, the company has 13,500 employees who are committed to operating excellence and safety. Phillips 66 had $50 billion of assets as of June 30, 2013. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.
This press release contains forward-looking statements as defined under the federal securities laws, including projections, plans and objectives. Although Phillips 66 (hereinafter referred to as the “company”) 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 the company's control. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, actual results may vary materially from what the company anticipated, estimated, projected or expected. The key risk factors that may have a direct bearing on the forward-looking statements are described in the filings that the company 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 the company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Dennis Nuss, 832-765-1850 (media)
Rosy Zuklic, 832-765-2297 (investors)