Montana to Oklahoma: Phillips 66 and Bridger Pipeline to Construct Liberty Pipeline: MT to OK
HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE: PSX) and Bridger Pipeline LLC (Bridger) announced that they have formed a 50/50 joint venture, Liberty Pipeline LLC, and are proceeding with construction of the Liberty Pipeline (Liberty). The 24-inch pipeline will provide crude oil transportation service from the Rockies and Bakken production areas to Cushing, Oklahoma. From Cushing, shippers can access multiple Gulf Coast destinations, including Corpus Christi, Ingleside, and Houston, Texas. Liberty is underpinned with long-term shipper volume commitments. Initial service on the pipeline is targeted to commence as early as the first quarter of 2021, subject to receipt of applicable permits and regulatory approvals.
“The Liberty Pipeline presents us with a great opportunity to serve producers in the growing Bakken and Rockies production areas,” said Greg Garland, chairman and CEO of Phillips 66. “The pipeline adds to our integrated infrastructure network that serves the key shale oil producing regions with connectivity to major Gulf Coast market centers. Our pipeline network has strategic alignment with our Central Corridor and Gulf Coast refineries, further enhancing value across our assets.”
“The Liberty Pipeline is an important undertaking on the part of our company to ensure that oil from Wyoming, the Rockies and the Bakken can get to markets in the U.S. and around the world,” said Hank True, president of Bridger Pipeline LLC. “Our commitment to the Liberty Pipeline will give producers confidence to grow oil production in these important regions.”
Phillips 66 will lead project construction on behalf of the joint venture and will operate the pipeline. Where feasible, Liberty will utilize existing pipeline and utility corridors and advanced construction techniques to limit environmental and community impact. The project is expected to cost approximately $1.6 billion.
The joint venture plans to hold a supplemental binding open season to be announced at a later date that will enable additional shippers to enter into long-term transportation services agreements.
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company’s master limited partnership, is integral to the portfolio. Headquartered in Houston, the company has 14,300 employees committed to safety and operating excellence. Phillips 66 had $58 billion of assets as of March 31, 2019. For more information, visit http://www.phillips66.com or follow us on Twitter @Phillips66Co.