Phillips 66 (NYSE: PSX) today announced an open season to secure binding
commitments from prospective shippers for the Reeves-Odessa Origination
(Rodeo) Project. As proposed, the Rodeo Project will include a pipeline
system for crude oil transportation for producers and other shippers in
the Delaware Basin, with origination stations in Reeves, Loving, and
Winkler counties in Texas, as well as at Odessa, Texas. The pipeline
system will include destination options at: Wink, Texas; the Phillips 66
Partner’s Odessa station; a new terminal to be built near Odessa as part
of the Rodeo Project; and at Midland, Texas.
The Rodeo Project will have an anticipated initial throughput capacity
of up to 130,000 barrels per day (BPD), with an ultimate potential
throughput capacity of up to approximately 450,000 BPD, depending on
shipper commitments in the open season. The pipeline system is expected
to be placed in service in the second half of 2018. The open season
terms and conditions include options for shippers to obtain committed
shipper status through either an acreage dedication or a transportation
and deficiency commitment.
The open season will commence at 8 a.m. CDT on March 24, 2017.
Interested parties are encouraged to contact Phillips 66 in advance of
the open season commencement to execute the confidentiality agreement
required to receive the open season documentation. For a form of
confidentiality agreement and additional information regarding the Rodeo
Project, please contact Scott Hutson at Scott.M.Hutson@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 an integral asset in the portfolio.
Headquartered in Houston, the company has 14,800 employees committed to
safety and operating excellence. Phillips 66 had $52 billion of assets
as of Dec. 31, 2016. For more information, visit www.phillips66.com
or follow us on Twitter @Phillips66Co.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170316006337/en/
Copyright Business Wire 2017
Source: Business Wire
(March 16, 2017 - 5:00 PM EDT)
News by QuoteMedia
www.quotemedia.com
