Enbridge Inc (NYSE:ENB) and Phillips 66 (NYSE:PSX) reported an open season will planned for the Gray Oak Pipeline. This pipeline will offer producers as well other shippers the prospect to obtain crude oil transportation to the destination markets of Corpus Christi, Houston and Freeport from West Texas with connectivity to more than 3 million barrels per day of refining capacity and numerous dock facilities proficient of crude oil exports. Shippers will have an alternative to choose from origination stations in Winkler, Crane, Reeves and Loving counties in West Texas.
The details
The Gray Oak Pipeline is projected to have a preliminary throughput capacity of 385,000 barrels per day. Enbridge and Phillips 66 will assess expansion of the system over 385,000 BPD, based on shipper interest in this open season. The Gray Oak pipeline system is projected to be placed in service in 2H2019.
The open season will start on December 11, 2017. Before participating in the season, interested parties must enter into a confidentiality deal to govern the receipt of the documentation for open season. Phillips 66 marks as a diversified energy logistics and manufacturing firm. With a portfolio of Midstream, Refining, Marketing, Specialties and Chemicals operations, the firm processes, stores, markets and transports products and fuels internationally.
Phillips 66 Partners, the firm’s master limited association, is an important asset in the portfolio. Based in Houston, the firm has 14,600 employees dedicated to operating excellence and safety. Phillips 66 had assets of $53 billion as of the close of September 30, 2017.
Enbridge is premier energy infrastructure firm with strategic operation platforms that comprise an extensive network of liquids, natural gas and crude oil pipelines, regulated renewable power generation and natural gas distribution utilities.
In the last trading session, the stock price of Enbridge gained marginally and closed the day at $38.67. The gains came at a share volume of 3.84 million compared to average share volume of 2.39 million.
