Phillips 66 operates as an energy manufacturing and logistics company. Segments The company’s business is organized into four operating segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). Midstream segment This segment fathers, processes, transports and markets natural gas; and transports, fractionates and markets natural gas liquids (NGL) in the United States. In addition, this segment transports crude oil and other feedstocks to the company’s refineries and other locations, delivers refined and specialty products to market, and provides terminaling and storage services for crude oil and petroleum products. This segment includes the company’s master limited partnership, Phillips 66 Partners LP (Phillips 66 Partners), as well as its 50 percent equity investment in DCP Midstream, LLC (DCP Midstream). Transportation The company owns or leases various assets to provide strategic and timely delivery and terminaling and storage of crude oil, refined products, natural gas and NGL. These assets include pipeline systems; petroleum product, crude oil and liquefied petroleum gas (LPG) terminals; a petroleum coke handling facility; marine vessels; and railcars and trucks. Pipelines and Terminals As of December 31, 2015, the company’s Transportation business managed approximately 18,000 miles of crude oil, natural gas, NGL and petroleum products pipeline systems in the United States, including those partially owned or operated by affiliates. The company owned or operated 39 finished product terminals, 37 storage locations, 5 LPG terminals, 16 crude oil terminals, and 1 petroleum coke exporting facility. During 2015, the company continued to invest in its Beaumont Terminal, the largest terminal in the company’s portfolio, which has 4.7 million barrels of crude oil storage capacity and 2.4 million barrels of refined product storage capacity. As of December 31, 2015, the company had 2.0 million barrels of incremental crude storage capacity under construction, which is expected to be completed in the third quarter of 2016. In addition, the company has initiated various other projects aimed at increasing storage and throughput capabilities as it continues the expansion of the Beaumont terminal from its current 7.1 million barrels of storage capacity to 16 million barrels. Construction progressed in 2015 on the company’s two crude oil pipeline systems being developed by its joint ventures, Dakota Access LLC (DAPL) and Energy Transfer Crude Oil Company, LLC (ETCOP). The company owns a 25 percent interest in each joint venture, with its co-venturer holding the remaining 75 percent interest and acting as operator of both the DAPL and ETCOP pipeline systems. The DAPL pipeline is expected to deliver 470,000 barrels per day of crude oil from the Bakken/Three Forks production area in North Dakota to market centers in the Midwest. The DAPL pipeline would provide shippers with access to Midwestern refineries, unit-train rail loading facilities to facilitate deliveries to East Coast refineries, and the Gulf Coast market through an interconnection in Patoka, Illinois, with ETCOP pipeline. The ETCOP pipeline would provide crude oil transportation service from the Midwest to the Sunoco Logistics Partners L.P. (Sunoco Logistics) and the company’s storage terminals located in Nederland, Texas. The pipelines are expected to be operational in fourth-quarter 2016. In 2015, the company became a joint venture partner with a 40 percent equity interest in Bayou Bridge. Energy Transfer Partners, L.P. (ETP) and Sunoco Logistics each hold a 30 percent interest in the joint venture, with Sunoco Logistics serving as the operator. The joint venture was formed for the funding and development of the Bayou Bridge pipeline. The Bayou Bridge pipeline is a new-build 30 inches and 24 inches pipeline that would deliver crude oil from Nederland, Texas, to Lake Charles, Louisiana and on to St. James, Louisiana. The company is constructing the segment to Lake Charles, which would be in service by the end of first-quarter 2016. The remaining section of the pipeline, which would be constructed by ETP, is scheduled for co
phillips 66 (PSX:New York)
3010 Briarpark Drive
Houston, TX 77042
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