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Stock impact report

Phillips 66 and Plains All American Announce Strategic JV and Sanctioning of Red Oak Pipeline System

Plains All American Pipeline, L.P. - Common Units representing Limited Partner Interests (PAA) 
Last plains all american pipeline, l.p. - common units representing limited partner interests earnings: 2/4 04:16 pm Check Earnings Report
US:NYSE Investor Relations: plainsallamerican.com/investor-relations
Company Research Source: Business Wire
HOUSTON--(BUSINESS WIRE)-- Phillips 66 (NYSE: PSX) and Plains All American Pipeline (Plains) (NYSE: PAA) announced that they have formed a 50/50 joint venture, Red Oak Pipeline LLC, and are proceeding with construction of the Red Oak Pipeline system (Red Oak). The pipeline system will provide crude oil transportation service from Cushing, Oklahoma, and the Permian Basin in West Texas to Corpus Christi, Ingleside, Houston and Beaumont, Texas. Red Oak is underpinned with long-term shipper volume commitments. Initial service from Cushing to the Gulf Coast is targeted to commence as early as the first quarter of 2021, subject to receipt of applicable permits and regulatory approvals. “We are pleased to partner with Plains to build Red Oak,” said Greg Garland, Phillips 66 chairman and CEO. “The pipeline provides a competitive outlet for shippers to access the key market centers along the Texas Gulf Coast Show less Read more
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