Phillips 66 to Proceed with Cross-Channel Connector Project
January 23 2014 - 4:30PM
Business Wire
Successful Open Season Concluded
Phillips 66 Pipeline LLC, a wholly owned subsidiary of Phillips
66 (NYSE: PSX), will proceed with developing the Cross-Channel
Connector project. This project will expand the capacity to
transport refined petroleum products across the Houston Ship
Channel via pipeline. The company completed a successful open
season for the Cross-Channel Connector after receiving shipper
commitments to utilize the additional capacity. In addition,
Phillips 66 Pipeline LLC received positive response to a potential
Phase 2 of the project and is proceeding with an evaluation of this
expansion.
“Transportation at Phillips 66 is part of our growing Midstream
business,” said Debbie Adams, president, Phillips 66
Transportation. “The Cross-Channel Connector project is a key
investment to help us leverage our infrastructure and the
opportunities of the North American energy renaissance.”
The Cross-Channel Connector project leverages existing assets
and will combine a reactivated pipeline under the Houston Ship
Channel along with the expansion of an active line in Pasadena. The
company plans to connect to Magellan’s refined product pipeline
which will allow the Cross-Channel Connector 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.
The company anticipates the project could be complete as early
as the fourth quarter of 2014, subject to the receipt of necessary
permits and regulatory approvals. The Cross-Channel Connector is
expected to have an initial system capacity of up to 180,000
barrels per day. The Phase 2 expansion could add an additional
50,000 barrels per day of capacity.
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 Pipeline LLCMonica Silva, 832-765-1021
(media)monica.silva@p66.comorRosy Zuklic, 832-765-2297
(investors)rosy.zuklic@p66.com
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