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Press release from Business Wire

Open Season Extended for Phillips 66 Pipeline Cross-Channel Connector Project

Thursday, November 14, 2013

Open Season Extended for Phillips 66 Pipeline Cross-Channel Connector Project

17:00 EST Thursday, November 14, 2013

HOUSTON (Business Wire) -- Integrated energy manufacturing and logistics company Phillips 66 (NYSE: PSX) through its wholly owned subsidiary, Phillips 66 Pipeline LLC, is extending its open season for the Cross-Channel Connector project to Dec. 12, 2013. The extension comes at the request of shippers who want additional time to evaluate the project.

The company is soliciting binding commitments to transport refined petroleum products from 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.

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. The Cross-Channel Connector could be fully operational in 2014, subject to timely market commitments and receipt of the necessary permits and regulatory approval.

Phillips 66 Pipeline LLC leadership is encouraged by the project's prospects, and potential shippers looking to participate in the open season are requested to execute and submit completed Transportation Service Agreements (TSAs) to Phillips 66 Pipeline LLC by the new deadline.

The binding open season, which commenced at 8:00 a.m. Central time on Thursday Oct. 17, 2013, will end at 5:00 p.m. Central time on Thursday, Dec. 12, 2013, unless further extended by notice provided to all parties who receive the confidential open season documents. Interested parties may access open season information at www.phillips66pipeline.com/EN/tariffs. For additional information regarding the project, please contact Daniel O'Donnell at (832) 765-1982 or Dan.T.ODonnell@P66.com.

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. This integrated 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 $51 billion of assets as of Sept. 30, 2013. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.

CAUTIONARY STATEMENTS

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.

Phillips 66
Dennis Nuss (media), 832-765-1850
dennis.h.nuss@p66.com
or
Rosy Zuklic (investors), 832-765-2297
rosy.zuklic@p66.com

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