Phillips 66 to Expand Sweeny Hub with 300,000 BPD of New Fractionation Capacity
Phillips 66 (PSX)
Last phillips 66 earnings: 5/1 07:00 am
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Source: Business Wire
HOUSTON--(BUSINESS WIRE)-- Phillips 66 (NYSE: PSX), a diversified energy manufacturing and logistics company, today announced it is proceeding with an expansion of the company’s Sweeny Hub. This project includes the construction of two 150,000 barrel-per-day (BPD) natural gas liquids (NGL) fractionators in Old Ocean, Texas, additional NGL storage capacity, and associated pipeline infrastructure. The project is expected to cost up to $1.5 billion and begin commercial operations in late 2020. “We are pleased to move forward with the Sweeny Hub expansion, a key part of our Midstream growth strategy that further optimizes our integrated NGL value chain,” said Greg Garland, chairman and CEO of Phillips 66. “The Sweeny Hub is strategically positioned to provide fractionation capacity for rapidly growing Permian Basin NGL production and access to U.S. Gulf Coast petrochemical, fuels and LPG export markets.”
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