Phillips 66 to move forward with $3B in Texas investments

Phillips 66 (PSX) receives board approval for $3B in two new midstream growth projects, the Sweeny Fractionator One and the Freeport Liquefied Petroleum Gas Export Terminal.

Sweeny Fractionator One will be a 100K bbl/day natural gas liquids fractionator supplying NGL products to the petrochemical industry and to heating markets; PSX plans to start up the fractionator in Q3 2015.

The Freeport LPG Export Terminal will have the capacity to initially export 4.4M bbl/month of LPG when completed in mid-2015, and then will be able to ship NGLs such as propane to international petrochemical, heating and transportation markets.

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Comments (2)
  • name999
    , contributor
    Comments (196) | Send Message
    Great move in the midstream for future growth. PSX is one of the most diversified players in the sector.
    7 Feb 2014, 05:56 PM Reply Like
  • Michael Fitzsimmons
    , contributor
    Comments (11145) | Send Message
    Yup - spending money to make money on what will be long-term excellent returns for both of these projects. Love this stock. In addition to these two projects, the company has other initiatives to increase enterprise value in 2014:

    8 Feb 2014, 05:04 PM Reply Like
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