Oil and gas exports from the Gulf Coast are literally rewriting the nation’s energy story as we speak with the race to build offshore terminals now officially in overdrive. RMR today is following the latest news from Houston-based Phillips 66, which recently announced the nation’s fourth-largest oil refiner will spend $2.15 billion next year in growth projects primarily focused on its midstream business—and the company’s first crude oil export terminal.

Phillips 66

The Phillips 66 Company is an American multinational energy company headquartered in Westchase, Houston, Texas. It debuted as an independent energy company when ConocoPhillips executed a spin-off of its downstream and midstream assets.

www.phillips66.com

Oil and gas exports from the Gulf Coast are literally rewriting the nation’s energy story as we speak with the race to build offshore terminals now officially in overdrive. RMR today is following the latest news from Houston-based Phillips 66, which recently announced the nation’s fourth-largest oil refiner will spend $2.15 billion next year in growth projects primarily focused on its midstream business—and the company’s first crude oil export terminal.

Phillips, with its partners in June, proposed building a deepwater crude export terminal 20 miles offshore Corpus Christi, adding yet another competitor in the Gulf Coast marathon to ship oil to hungry global markets. The South Texas Gateway Marine Terminal will offer 3.4 million Bbls of oil storage capacity and two deepwater vessel docks capable of berthing Very Large Crude Carrier petroleum tankers, with potential expansions to host more than 10 million Bbls of crude, multiple additional docks and other inbound pipeline connections.

Here are a few of those connections.

The company’s 2020 midstream capex will fund numerous joint venture crude oil pipelines, including construction of the $1.6 billion Liberty Pipeline, which will flow supplies from the DJ basin and Bakken to the Cushing, Okla., hub and interconnect with other Gulf Coast-bound pipelines. The Liberty is expected to go online in 2021. Not coincidently, the Red Oak Pipeline will transport crude from Cushing and the Permian Basin to Corpus Christi, Ingleside, Houston and Beaumont, Texas. The $2.2 billion Gray Oak, which will connect with Phillips’ South Texas Gateway Terminal project, began initial service the end of November with a capacity of 900,000 BPD and is expected to go commercially online early next year.

And by the way, not every energy company can boast of its own public museum or forefather hotel and home. If you happen to find yourself in Bartlesville, Okla.—the birthplace of Phillips Petroleum—visit the historic Phillips 66 Museum, tour the Frank Phillips’ mansion, or reserve a room at the Hotel Phillips. Good stuff. –Ed.

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