•  
  •  
  •  
  •  
  •  
  • Untitled Document
    Untitled Document

    Phillips 66 Partners files for $300M IPO to form MLP

    Midstream partnership Phillips 66 Partners LP, a wholly owned subsidiary of Phillips 66 (NYS: PSX) , has filed a registration statement with the US Securities and Exchange Commission (SEC) related to its proposed initial public offering of common units representing limited partner interests.

    Phillips 66 isn’t the first oil and gas refining company to try to capture the tax benefits of a master limited partnership (MLP), but it has the potential to be one of the largest in the country in 2013.

    While the exact number of common units to be offered and the price range for the offering have not yet been determined, Phillips 66 Partners expects to receive roughly $300 million in gross proceeds from the offering.

    The offering is expected to occur in the second half of this year and the company anticipates the common units will trade on the New York Stock Exchange under the ticker symbol "PSXP".

    Phillips 66 formed Phillips 66 Partners to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum product and natural gas liquids pipelines and terminals and other transportation and midstream assets. Headquartered in Houston, Phillips 66 Partners expects its initial assets to include the Clifton Ridge crude oil pipeline, terminal and storage system in Louisiana; the Sweeny to Pasadena refined petroleum product pipeline, terminal and storage system in Texas; and the Hartford Connector refined petroleum product pipeline, terminal and storage system in Illinois.

    JP Morgan and Morgan Stanley are acting as joint book-running managers for the proposed offering.

     

    Most Popular

    Related Articles

    ETP purchases pipeline system from EdgeMarc Energy

    06/09/2015 Energy Transfer Partners LP has provided further details on its previously announced Revolution Project that will increase its operations in the growing Marcellus and Upper Devonian production area...

    Alpha Crude Connector begins construction of Delaware Basin pipeline

    06/05/2015 Alpha Crude Connector LLC has received all necessary permits and has begun construction of its 400-mile Alpha Crude Connector Pipeline. The new pipeline is a crude oil transportation pipeline servi...

    Willbros awarded ethane export pipeline construction project

    06/05/2015 Willbros Group Inc. says that HSC Pipeline Partnership LLC (a subsidiary of Enterprise Products Partners LP) has awarded it a contract to construct a 15.5-mile, 24-inch ethane pipeline from Enterpr...

    Alaska LNG project receives conditional authorization to export LNG to non-FTA countries

    06/01/2015 ExxonMobil says that the Alaska LNG project has marked another milestone with the June 1 announcement by the US Department of Energy that it has conditionally authorized Alaska LNG Project LLC to e...

    Lynden Oilfield Services created to serve Alaska's North Slope customers

    05/29/2015 Lynden, which has support to Alaska oil and gas customers for decades, has created a new Lynden business, Lynden Oilfield Services, to specifically serve customers on the North Slope of Alaska's Pr...

    Security update: Libya and Yemen

    05/27/2015

    UK-based maritime security firm MAST has recently provided a security update on Libya and Yemen.

    More Oil & Gas Financial Articles

    ETP purchases pipeline system from EdgeMarc Energy

    Tue, Jun 9, 2015

    Energy Transfer Partners LP has provided further details on its previously announced Revolution Project that will increase its operations in the growing Marcellus and Upper Devonian production areas of Western Pennsylvania. ETP has entered into long-term gas gathering, processing, and fractionation agreements with EdgeMarc Energy.

    Alpha Crude Connector begins construction of Delaware Basin pipeline

    Fri, Jun 5, 2015

    Alpha Crude Connector LLC has received all necessary permits and has begun construction of its 400-mile Alpha Crude Connector Pipeline. The new pipeline is a crude oil transportation pipeline serving Lea and Eddy counties, New Mexico, and Culberson, Loving, Reeves, and Winkler counties, Texas.

    Willbros awarded ethane export pipeline construction project

    Fri, Jun 5, 2015

    Willbros Group Inc. says that HSC Pipeline Partnership LLC (a subsidiary of Enterprise Products Partners LP) has awarded it a contract to construct a 15.5-mile, 24-inch ethane pipeline from Enterprise's storage facility near Mont Belvieu in Chambers County, Texas, to Enterprise's Morgan's Point facility on Galveston Bay.

    Alaska LNG project receives conditional authorization to export LNG to non-FTA countries

    Mon, Jun 1, 2015

    ExxonMobil says that the Alaska LNG project has marked another milestone with the June 1 announcement by the US Department of Energy that it has conditionally authorized Alaska LNG Project LLC to export liquefied natural gas to non-Free Trade Agreement countries.

    Lynden Oilfield Services created to serve Alaska's North Slope customers

    Fri, May 29, 2015

    Lynden, which has support to Alaska oil and gas customers for decades, has created a new Lynden business, Lynden Oilfield Services, to specifically serve customers on the North Slope of Alaska's Prudhoe Bay oil fields.  

    OGFJ photo of the day


    Click to view slideshow

    Oil & Gas Jobs

    Search More Job Listings >>
    Subscribe to OGFJ