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Stock Market & Financial Investment News

News Breaks
January 29, 2014
08:04 EDTPSXP, PSXPhillips 66 growing Midstream and Chemicals through $4.6B capital program
Phillips 66 is growing its Midstream and Chemicals segments, while enhancing returns in Refining. As previously announced, the company is implementing this strategy through its planned $4.6B 2014 capital program, including its share of joint venture capital spending of $1.9B. In Midstream, as previously announced, the company is advancing development of a 100,000 barrel-per-day natural gas liquids fractionator to be located in Old Ocean, Texas. Phillips 66 also expects to build a liquefied petroleum gas terminal in Freeport, Texas, to help meet growing global demand. Final investment decisions for these projects will be submitted for board approval during the first quarter of 2014. The company will also seek growth opportunities through Phillips 66 Partners (PSXP). By the end of the fourth quarter, the company’s Transportation business had taken delivery of all 2,000 railcars it ordered in 2012. The new railcars are being used to transport advantaged crude to Phillips 66 refineries. The company successfully completed an open-season for the Cross-Channel Connector project, which will include reactivating an idled pipeline to connect refineries and storage terminals on the south side of the Houston Ship Channel with pipeline systems on the north side.
News For PSX;PSXP From The Last 14 Days
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December 18, 2014
14:56 EDTPSXMeritage Midstream announces January startup of NGL Pipeline
Meritage Midstream Services II announced that operations on the first 108-mile leg of the Thunder Creek NGL Pipeline will begin in January 2015. The FERC-regulated pipeline will be owned and operated by Thunder Creek NGL Pipeline, LLC, a wholly owned subsidiary of Meritage. The 108-mile pipeline serves producers in Wyoming’s prolific Powder River Basin and consists of 22 miles of newly constructed pipeline and an additional 86 miles secured through a long-term lease from Phillips 66 (PSX). The pipeline has an initial capacity to transport 15,000 barrels per day (bbls/d). Meritage expects to expand the pipeline’s capacity to 30,000 bbls/d as shipper demand increases. The pipeline originates at the 50 Buttes Natural Gas Processing Complex near Gillette, Wyoming, and terminates at an interconnect with Phillips 66’s Powder River Pipeline near Douglas, Wyoming. The Phillips 66 Powder River Pipeline delivers natural gas liquids to Phillips 66’s fractionation and refining complex near Borger, Texas. The 50 Buttes Plant is owned by Thunder Creek Gas Services, L.L.C., also a wholly owned subsidiary of Meritage. Meritage also announced that it will begin construction of a 140-mile extension of the NGL pipeline in early 2015. The 140-mile extension will include an interconnect near Cheyenne, Wyoming, into the Overland Pass Pipeline Company’s 760-mile pipeline that provides NGL deliveries to the Mid-Continent market center in Conway, Kansas. This extension is expected to come into service during the first quarter of 2016.
10:01 EDTPSXOn The Fly: Analyst Upgrade Summary
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09:03 EDTPSXPhillips 66 upgraded to Buy from Hold at Deutsche Bank
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December 17, 2014
07:19 EDTPSXIndependent Refiners sector cut to Market Weight at Wells Fargo
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December 15, 2014
10:00 EDTPSXOn The Fly: Analyst Upgrade Summary
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06:59 EDTPSXPhillips 66 upgraded to Buy from Neutral at BofA/Merrill
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