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.

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

Join 70,000 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!

Your details are never shared or sold. We hate spam too.

» More Jobs       » Upload a free Job       » Upload your CV

  • Welder - Non Local

    Salary £0.00 per hour   |   Trades  |  England, Cumbria, Barrow-In-Furness

  • Senior Quality Advisor

    Salary £60000 - £65000 per annum + Negotiable Salary   |   Quality / Inspection  |  England, London

  • Machinery Engineers

    Engineer - Design & Construction  |  England, Surrey

  • Pipefitter

    Salary £23 per hour + Travel   |   Trades  |  Netherlands, Gelderland, Lochem

  • Instrument Engineer

    Salary £60000 - £70000 per annum   |   Engineer - Design & Construction  |  England, Norfolk, Great Yarmouth

  • Stores Coordinator

    Production  |  Scotland, Aberdeen

More Europe Jobs

More Global Jobs

Opinion & Commentary

  • Rosneft and Gazprom break into Brazil
    During the third quarter of 2014, both Rosneft and Gazprom have made notable advances into the Brazilian oil and gas sector. As of mid-July 2014, the Brazilian Na ...
  • For a few trillion barrels more
    Today, Scotland will vote on the following question: Should Scotland be an independent country? Answer YES and the vote is for independence, answer NO and the vote i ...

» More Opinion & Commentary         » Write for us             RSS RSS

Sponsor VideoYour video here

Visit Neftex to learn more.


Opinions & Commentary

Oil price, Scotland, Caza and finally...

by Malcolm Graham-Wood

Read More »