Houston-based Phillips 66 Partners just added a sixth pipeline joint venture to its operations portfolio with the purchase of a 50% interest in the Liberty Pipeline. The MLP has announced it will pay $75 million to Phillips 66 for one-half of the $1.6 billion Liberty in a transaction expected to close March 1. The 50/50 JV is shared with Wyo.-based Bridger Pipeline. Phillips 66 formed its MLP in 2013 to own, operate, develop and acquire primarily fee-based crude oil, refined products and NGL pipelines, terminals, and other midstream assets.
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, terminals and other midstream assets.
The 700-mile Liberty, which is scheduled for service in early 2021, will transport crude oil from the Rockies and the Bakken to the Cushing, Okla., hub with access to Gulf Coast destinations. Phillips expects the project will create up to 2,500 construction and 40 full-time jobs.
Other pipeline joint ventures under the Phillips 66 Partners’ banner include:
- One-third equity interest in DCP Sand Hills Pipeline, which transports NGL from the Permian and Eagle Ford to fractionation facilities along the Gulf Coast and Mont Belvieu market hub. One-third equity interest in the Southern Hills Pipeline transporting NGL from the Midcontinent to facilities along the Gulf Coast and Mont Belvieu hub.
- A 21.94% interest in the Explorer Pipeline, a refined petroleum products line that extends from the Gulf to Ind.
- Two JVs with Paradigm to develop midstream logistics infrastructure in N.D., including the Palermo Rail Terminal and the Sacagawea Pipeline.
- A 40% interest in the Bayou Bridge Pipeline, which transports crude from Beaumont, Texas to Lake Charles, La.
- A JV with Plains All American, which owns and operates a crude storage terminal and pipeline that flows oil from the Sooner Trend, Anadarko Basin, and Canadian and Kingfisher counties to Cushing.
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