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Stock Market & Financial Investment News

News Breaks
December 13, 2012
08:26 EDTPSX, SEPhillips 66 sees DCP Midstream to spend $5B-$7B on growth in 2011-15
DCP Midstream, the 50/50 joint venture of Phillips 66 (PSX) and Spectra Energy (SE), seen growing processing volume to about 6.0 bcf/d by 2015 from 5.4 bcf/d in 2011. Phillips 66 sees DCP Midstream adding 8 or more plants by 2015 and growing assets to over $15B from about $10B in 2011. Sees JV's NGL production growing to over 500 MBPD by 2015. Comments from slides for analyst day.
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October 22, 2014
16:33 EDTPSXPhillips 66 Partners announces acquisition of strategic logistics assets
Phillips 66 Partners LP (PSXP) has reached an agreement to acquire from Phillips 66 (PSX) two newly constructed crude oil rail-unloading facilities, located in Linden, New Jersey, and Ferndale, Washington, for $330M as well as certain assets associated with the Cross-Channel Connector Pipeline for an additional $10M. The acquisition, which is anticipated to close in early December 2014, is expected to be immediately accretive to unitholders. Upon closing of the acquisition, the Partnership plans to utilize the Cross-Channel Connector Pipeline assets to develop and undertake a new organic project to provide shippers access from the Partnership’s Pasadena Terminal to third-party systems located north of the Houston Ship Channel. The project is expected to have additional capital costs of $12.4M and is underwritten by long-term transportation service agreements with multiple shippers. The pipeline system will have an initial capacity of up to 180,000 barrels per day and is anticipated to commence commercial operations in the second quarter of 2015. In connection with the closing, Phillips 66 and the Partnership will enter into 10-year terminal services agreements for 100% of the available capacity of the rail-unloading facilities. The acquisition price for the rail-unloading facilities represents an approximate 10-times multiple of those facilities’ forecasted next 12 months’ earnings before interest, tax, depreciation and amortization. The terms of the transaction were approved by the board of directors of the general partner of Phillips 66 Partners, based on the approval and recommendation of its conflicts committee.
October 21, 2014
12:54 EDTSETransCanada delays seeking approval for $11B Energy East line, Bloomberg says
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October 9, 2014
10:00 EDTPSXOn The Fly: Analyst Initiation Summary
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