Phillips 66 Partners LP is pulling out of its 350,000-b/d Liberty Pipeline project with Bridger Pipeline LLC. The 700-mile, 24-in. OD pipeline was intended to carry crude oil from the Rockies and Bakken production areas to Cushing, Okla.
Liberty was put on hold more than a year ago as part of reducing capital spending in the face of the COVID-19 pandemic (OGJ Online, Mar. 24, 2020).
Phillips 66 Partners expects a roughly $200-million impairment to first-quarter 2021 earnings as a result of exiting the project.
