New Topic: Phillips 66 pipeline from West Texas to Gulf Coast will cost $2 Billion to build
Phillips 66 pipeline from West Texas to cost $2 billion. Houston-based Phillips 66 Co. says a new pipeline from West Texas to the Gulf Coast will cost $2 billion to build. In its second quarter 2018 earnings report Phillips 66 Co. said the Gray Oak Pipeline system will have a capacity of 800,000 barrels of crude oil a day from West Texas’ Permian Basin and South Texas’ Eagle Ford Shale oil field to the Texas Gulf Coast, including Corpus Christi and the area around Sweeny and Freeport. The pipeline is expected to be operational by the end of 2019. The news comes as multiple companies race to build crude oil pipelines out of West Texas as the current pipeline infrastructure in the booming Permian basin oil field fills up. Production from the Permian Basin is expected to top 3.4 million barrels a day of crude oil production in August, up 2.2 percent compared to July, according to the Energy Department. Read more at MySA.com
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