Phillips 66 Partners to acquire assets from Phillips 66

Phillips 66 Partners LP has acquired Phillip 66’s Gold Product Pipeline System and Medford Spheres, two newly constructed refinery-grade propylene storage spheres, for $700 million. It’s the partnerships’ first acquisition since its initial public offering last July.

The Gold Line System consists of a 681-mile products pipeline system that extends from the Phillips 66-operated refinery in Borger, Tex., to Cahokia, Ill., with access to the Phillips 66 refinery in Ponca City, Okla., as well as two parallel 54-mile lateral lines from Paola, Kan., to Kansas City, Kan.

The system has a maximum throughput capacity of 132,000 b/d and includes four terminals respectively at Wichita, Kan., Kansas City, Kan., Jefferson City, Mo., and Cahokia, Ill., with 172,000 b/d of aggregate throughput capacity and 4.3 million bbl of storage capacity.

The Medford Spheres in Medford, Okla., have a total working capacity of 70,000 bbl and are scheduled to start operation Mar. 1. It will serve as an outlet for delivery of refinery-grade propylene from the Phillips 66 refinery in Ponca City, Okla., through interconnections with third-party pipelines, to Mont Belvieu, Tex.

Phillips 66 and the partnership will enter into transportation, storage, and terminaling agreements that include minimum throughput volume commitments, with terms ranging from 5-10 years. The minimum volume commitments account for more than 80% of expected throughput volumes.

Related Articles

WINTER HITS U.S. INDUSTRY, STRAINS GAS SUPPLY

01/01/1990 A record breaking cold front before and during the weekend of Dec. 23 shut down several major refineries and petrochemical plants in the U.S. Gulf ...

TEX/CON, SPUN OFF FROM BP, UP AND RUNNING

01/01/1990 BP Exploration Western Hemisphere has spun off its U.S. Lower 48 onshore exploration/development and gas gathering, transportation, and marketing a...

SAMEDAN BUYS GULF OF MEXICO PRODUCTION

01/01/1990 Samedan Oil Corp. has expanded its inventory of producing leases in the Gulf of Mexico. The wholly owned subsidiary of Noble Affiliates Inc., Ardmo...

OIL FLOW RISING IN E. CHINA REGION

01/01/1990 Production is building from an oil producing area in the lower reaches of the Yangtze River in eastern China's Jiangsu Province. The northern J...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected