Phillips 66 to add 300K bbl/day of gas processing in Sweeny hub expansion [Seeking Alpha]
Phillips 66 (PSX)
Last phillips 66 earnings: 5/1 07:00 am
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Source: Seeking Alpha
Phillips 66 to add 300K bbl/day of gas processing in Sweeny hub expansionPhillips 66 (PSX-0.5%) says it will invest as much as $1.5B toexpand its Sweeny Hub in Texas, with the intent of beginning commercial operations in late 2020.The project will include the construction of two 150K bbl/day natural gas liquids fractionators to process mixed natural gas liquids into separate components including ethane, propane and butane - allfeedstocks used to make petrochemicals or certain types of fuel.Supply agreements have been secured for Y-grade NGL feedstock, including a deal with DCP Midstream (DCP-0.5%), which has anoption to acquire up to a 30% ownership interest in the new fractionators.Upon completion of the expansion, the Sweeny Hub will have 400K bbl/day of NGL fractionation capacity and access to 15M barrels of total storage capacity.Click to subscribe to real-time analytics on DCPNow read:Chasing The Elephant: Episode 8 Option Ideas »
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- 4/3/24 - Form DEFA14A
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