Phillips 66, Plains All American to move ahead with Red Oak pipeline

Jun. 10, 2019 4:50 PM ETPhillips 66 (PSX) Stock, PAA StockBy: Carl Surran, SA News Editor6 Comments
  • Phillips 66 (NYSE:PSX) and Plains All American Pipeline (NASDAQ:PAA) say they have formed a 50/50 joint venture to proceed with construction of the Red Oak pipeline system to provide crude oil transportation service from Cushing, Okla., and the Permian Basin to the Texas Gulf Coast.
  • The companies say Red Oak is underpinned with long-term shipper volume commitments, and in initial service is targeted for as early as Q1 2021, subject to applicable permits and regulatory approvals.
  • PAA will lead project construction on behalf of the JV, and PSX will operate the pipeline; the companies expect the project to cost ~$2.5B.

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