Phillips 66 Partners Announces Open Season for the Eagle Ford Segment of the Gray Oak Pipeline

Phillips 66 Partners (NYSE: PSXP) announced today that its subsidiary
Gray Oak Pipeline, LLC (Gray Oak) is commencing an open season for the
Eagle Ford segment of the Gray Oak Pipeline. Interested shippers will
have the opportunity to secure long-term crude oil transportation on the
Gray Oak Pipeline from the Helena Hub and Three Rivers terminal to the
Corpus Christi and Sweeny/Freeport markets under a binding
transportation services agreement. Gray Oak has received sufficient
binding volume commitments for the planned Eagle Ford pipeline segment
and associated infrastructure. Service from the Helena Hub and Three
Rivers terminal is expected to begin by the end of 2019. Gray Oak is a
joint venture owned 75 percent by Phillips 66 Partners and 25 percent
by Andeavor (NYSE: ANDV).

The open season will commence at 3 p.m. CDT on Sept. 27, 2018. Prior to
participating in the open season, 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 Gray Oak Pipeline, please contact Corey
Leonard at Corey.Leonard@p66.com
or Scott Hutson at Scott.M.Hutson@p66.com.

About Phillips 66 Partners

Headquartered in Houston, Phillips 66 Partners is a growth-oriented
master limited partnership formed by Phillips 66 to own, operate,
develop and acquire primarily fee-based crude oil, refined petroleum
products and natural gas liquids pipelines and terminals and other
transportation and midstream assets. For more information, visit www.phillips66partners.com.

CAUTIONARY STATEMENTS

This press release contains forward-looking statements as defined
under the federal securities laws, including projections, plans and
objectives. Although Phillips 66 Partners 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 Phillips 66 Partners’ control. If one or more of these
risks or uncertainties materialize, or if underlying assumptions prove
incorrect, actual results may vary materially from what Phillips 66
Partners anticipated, estimated, projected or expected. The key risk
factors that may have a direct bearing on the forward-looking statements
are the accuracy of our assumptions used to estimate the timing of
permit receipts and the construction schedule, the ultimate number of
co-venturers and associated ownership interests, and our ability to
successfully construct and integrate the assets into our operations, and
other factors as described in the filings that Phillips 66 Partners
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 Phillips
66 Partners undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.

TAX CONSIDERATIONS

This release is intended to be a qualified notice to nominees as
provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d).
Please note that 100 percent of Phillips 66 Partners LP’s distributions
to foreign investors are attributable to income that is effectively
connected with a United States trade or business. Accordingly, all of
Phillips 66 Partners LP’s distributions to foreign investors are subject
to federal income tax withholding at the highest applicable effective
tax rate. Nominees, and not Phillips 66 Partners LP, are treated as the
withholding agents responsible for withholding on the distributions
received by them on behalf of foreign investors.

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