Phillips 66 (PSX)

[Enterprising Investor]

Phillips 66 Announces Startup of Sweeny Fractionator One (12/08/15)

HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX) has begun operations at its new 100,000 barrels-per-day (BPD) natural gas liquids (NGL) fractionator located at the company's Sweeny Complex in Old Ocean, Texas. Sweeny Fractionator One supplies purity ethane and liquefied petroleum gases (LPG) to the petrochemical industry and heating markets. It is supported by 250 miles of new pipelines and a multimillion barrel storage cavern complex.

“The startup of Sweeny Fractionator One is a significant milestone in the growth of our Midstream business,” said Bob Herman, executive vice president, Midstream for Phillips 66. “We plan to add more capacity in the future to supply our customers LPGs based on affordable North American natural gas liquids.”

The LPGs produced at Sweeny Fractionator One are being delivered via pipeline to local petrochemical customers as well as to the market hub at Mont Belvieu, Texas. Phillips 66 will have the capability to place the LPG into global markets upon completion of its 150,000 BPD Freeport LPG Export Terminal in the second half of 2016.

Phillips 66 has a long history in the midstream business segment, including NGL transportation, storage and fractionation. The company owns fractionation capacity at multiple fractionators in Mont Belvieu and Conway, Kansas.

Sweeny Fractionator One and the Freeport LPG Export Terminal represent a combined capital investment of more than $3 billion. The new assets are creating more than 70 full-time jobs in addition to 5,500 construction jobs.

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 an integral asset in the portfolio. Headquartered in Houston, the company has 14,000 employees committed to safety and operating excellence. Phillips 66 had $49 billion of assets as of Sept. 30, 2015. For more information, visit http://www.phillips66.com or follow us on Twitter @Phillips66Co.

http://www.businesswire.com/news/home/20151208005264/en/Phillips-66-Announces-Startup-Sweeny-Fractionator