Phillips 66 (NYSE: PSX) and Bridger Pipeline LLC announce a joint open season for the proposed Liberty Pipeline, which will provide shippers the opportunity to secure crude oil transportation service from the Rockies and Bakken production areas to Corpus Christi, Texas. The Liberty Pipeline is expected to have an initial throughput capacity of 350,000 barrels per day (BPD) with the ability to expand further depending on shipper interest in the open season. The pipeline is anticipated to be placed in service in the fourth quarter of 2020.

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Phillips 66 also announces an open season for the proposed Red Oak Pipeline, which will provide shippers the opportunity to secure crude oil transportation service from Cushing, Oklahoma, to Corpus Christi, Houston and Beaumont, Texas. The Red Oak Pipeline is expected to have an initial throughput capacity of 400,000 BPD with the ability to expand further depending on shipper interest in the open season. The pipeline is anticipated to be placed in service in the fourth quarter of 2020.

Both the Liberty Pipeline and the Red Oak Pipeline open seasons will commence at 12 p.m. CST on Nov. 12, 2018. Prior to participating in the open seasons, 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 Liberty Pipeline, please contact Blake Hotzel at Blake.R.Hotzel@p66.com or Barry Oakes at Barry.Oakes@truecos.com. For a form of confidentiality agreement and additional information regarding the Red Oak Pipeline, please contact Alison Nelson at Alison.R.Nelson@p66.com.

About Phillips 66Phillips 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 integral to the portfolio. Headquartered in Houston, the company has 14,200 employees committed to safety and operating excellence. Phillips 66 had $56 billion of assets as of Sept. 30, 2018. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.

About Bridger Pipeline LLC and its affiliated pipeline companiesBridger Pipeline LLC, Belle Fourche Pipeline Company, and Butte Pipe Line Company are part of True companies and are based in Casper, WY. Bridger Pipeline LLC owns and operates the Poplar System in eastern Montana, the Four Bears Pipeline System in North Dakota, the Parshall Gathering System and the Powder River System in Wyoming. Belle Fourche Pipeline Company gathers and transports crude oil in the Williston Basin of western North Dakota and the Powder River Basin of Wyoming, and Butte Pipe Line Company owns the transmission line from Baker, Montana to Guernsey, Wyoming. For more information visit www.truecos.com.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Words and phrases such as “is anticipated,” “is estimated,” “is expected,” “is planned,” “is scheduled,” “is targeted,” “believes,” “continues,” “intends,” “will,” “would,” “objectives,” “goals,” “projects,” “efforts,” “strategies” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements relating to Phillips 66’s operations (including joint venture operations) are based on management’s expectations, estimates and projections about the company, its interests and the energy industry in general on the date this news release was prepared. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include fluctuations in NGL, crude oil, and natural gas prices, and petrochemical and refining margins; unexpected changes in costs for constructing, modifying or operating our facilities; unexpected difficulties in manufacturing, refining or transporting our products; lack of, or disruptions in, adequate and reliable transportation for our NGL, crude oil, natural gas, and refined products; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; the impact of adverse market conditions or other similar risks to those identified herein affecting PSXP, as well as the ability of PSXP to successfully execute its growth plans; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

Phillips 66Jeff Dietert (investors), 832-765-2297jeff.dietert@p66.comorRosy Zuklic (investors), 832-765-2297rosy.zuklic@p66.comorDennis Nuss (media), 832-765-1850dennis.h.nuss@p66.comorBridger PipelineBill Salvin (media), 480-363-3941bsalvin@signalbridge.com

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