HomeMagazine2020May 2020, Vol. 247, No. 5Phillips 66: Red Oak, Liberty, ACE Pipelines Deferred by Cost Cuts

May 2020, Vol. 247, No. 5

Ramifications of COVID-19

Phillips 66: Red Oak, Liberty, ACE Pipelines Deferred by Cost Cuts

P&GJ Staff Report Responding to market conditions with cost-cutting across its business lines, Phillips 66 has announced that the Red Oak Pipeline, Liberty Pipeline and Sweeny Hub fractionation expansion have all been postponed. The diversified Houston company said that midstream-focused Phillips 66 Partners also has deferred a final investment decision on the ACE Pipeline project. Phillips 66 Partners is a master limited partnership formed by Phillips 66 in 2013. “We are taking action to maintain our financial strength to ensure security of our dividend, execute capital growth projects that are near completion, and maintain our strong investment grade credit rating,” said Greg Garla

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