Phillips 66 Announces Open Season for West Texas Crude Oil Pipeline System

HOUSTON--()--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.

Contacts

Phillips 66
Rosy Zuklic, 832-765-2297 (investors)
rosy.zuklic@p66.com
or
C.W. Mallon, 832-765-2297 (investors)
c.w.mallon@p66.com
or
Rich Johnson, 832-765-1016 (media)
rich.johnson@p66.com

Release Summary

Phillips 66 today announced an open season to secure binding commitments from prospective shippers for the Reeves-Odessa Origination (Rodeo) Project.

Contacts

Phillips 66
Rosy Zuklic, 832-765-2297 (investors)
rosy.zuklic@p66.com
or
C.W. Mallon, 832-765-2297 (investors)
c.w.mallon@p66.com
or
Rich Johnson, 832-765-1016 (media)
rich.johnson@p66.com