Phillips 66 Partners acquires interest in Liberty Pipeline

Phillips 66 Partners LP agreed to acquire from Phillips 66 its 50% interest in the Liberty Pipeline project for $75 million.

In June 2019, Phillips 66 formed Liberty Pipeline LLC, a 50-50 joint venture with Bridger Pipeline LLC, to construct the 24-in. Liberty Pipeline to transport crude oil from the Rockies and Bakken production areas to Cushing (OGJ Online, June 10, 2019). From Cushing, shippers can access multiple Gulf Coast destinations, including Corpus Christi, Ingleside, and Houston, Tex.

The project is expected to cost $1.6 billion, or $800 million net to the partnership. Service on the pipeline, which is underpinned with long-term volume commitments, is targeted to begin in the first half of 2021.

The transaction is expected to close on March 2, with an effective date of March 1.