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During its recent call with analysts, Phillips 66 said that it plans to increase the capacity of the Gray Oak Pipeline, which services the Permian Basin.
The pipeline will increase its capacity to 900,000 BPD (up from 800,000 initially).
In the call, the company commented: "Phillips 66 Partners recently completed the expansion open season for the Gray Oak pipeline. Gray Oak will provide crude oil transportation from the Permian in Eagle Ford to Texas Gulf Coast destinations, including our Sweeny Refinery. The pipeline will have an initial capacity of 800,000 barrels per day, based upon shipper commitment to 700,000 barrels per day and the reservation of walk-up capacity for shippers.
"The Grey Oak pipeline will provide 900,000 barrels a day of crude oil transportation from the Permian and the Eagle Ford to Texas Gulf Coast destinations, including our Sweeney refinery. The project is supported by shipper commitments, and is on-schedule to be in service by the end of this year. Phillips 66 Partners is the operator and the largest owner."
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