Phillips 66 acquires major Gulf Coast crude oil and refined products terminal

Friday, June 6, 2014      
 
  • The Beaumont Terminal will be the largest terminal in the Phillips 66 portfolio.

Phillips 66 (NYSE: PSX), an energy manufacturing and logistics company, has agreed to purchase a 7.1 million-barrel storage capacity terminal located near Beaumont, Texas. The Beaumont Terminal will be the largest terminal in the Phillips 66 portfolio.

'This acquisition supports our midstream growth strategy,' said Tim Taylor, president, Phillips 66. 'Given our expectations for increasing volumes of North American crude oil movements into the Gulf Coast region and growth in refined product exports, the Beaumont Terminal is well positioned to serve this growing market while providing significant expansion potential.'

The Beaumont Terminal is strategically located on the U.S. Gulf Coast. It provides deep-water access and multiple interconnections with major crude oil and refined product pipelines serving 3.6 million barrels per day of refining capacity. The terminal also has:

  • 4.7 million barrels of crude oil storage capacity and 2.4 million barrels of refined product storage capacity;
  • Two marine docks capable of handling Aframax tankers and one barge dock; and
  • Rail and truck loading and unloading facilities.

The Beaumont Terminal is currently owned by UNOCAL, a member of the Chevron Group. The transaction is expected to close in the third quarter of 2014 following the receipt of regulatory approvals. Terms are not being disclosed.


 

Join 80,000 oil and gas professionals who receive our weekly newsletter.

You may unsubscribe at any time with one click.

Article Tags

Phillips 66 United States North America Houston


This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More


Related News


Upcoming OilVoice Training Course

Mastering 4D Seismic
This is an intensive day’s course covering all aspects of time-lapse seismic (4D) methodology so that attendees can participate in any aspect of 4D technology. The course gives a perspective on the development of 4D seismic from the 1980’s to its present use in mature areas. Linkages with Reservoir ...
London - 15 Sep


Trainer
Ian Jack

Cost
£500

Discount Code
OilVoice-10 for 10% off any course.View Course

All OilVoice Training Courses
Popular Headlines View all


Latest Opinion View all

Join 80,000 other oil and gas professionals

Network with others, build your profile, and receive the latest oil and gas news in your inbox. It's free!

Create profile

Time for a change? All jobs Jobs near you

OilVoice Training All upcoming


About

OilVoice, established in 2002, is your leading source of upstream news, jobs and industry information.


Newsletter

Each week we send our weekly industry round-up. Why not try it? You may unsubscribe at any time.

Contact OilVoice

Milton Keynes
United Kingdom
Phone: +44 207 993 5991
Contact Us


Stay Connected


2015 © OilVoice  .  Privacy Policy  .  Terms of Service  .  Oil Careers  .  Advertise with us