Phillips 66 Partners L.P. announced that its subsidiary Gray Oak Pipeline, LLC is will initiate an open season for the Eagle Ford segment. Phillips 66 Partners is a master limited partnership (“MLP”) formed by Phillips 66 (PSX - Free Report) .
Interested shippers will be able to secure long-term crude oil transportation on the Gray Oak Pipeline under a binding transportation services agreement. The pipeline starts from the Helena Hub and Three Rivers terminal and extends to the Corpus Christi and Sweeny/Freeport markets.
The pipeline has received adequate binding volume commitment for the proposed Eagle Ford pipeline segment and related infrastructure. Operations from the Helena Hub and Three Rivers terminal are anticipated to commence by the end of 2019.
Gray Oak is a joint venture between Phillips 66 Partners and Tesoro Corporation (ANDV), holding 75% and 25%, respectively.
Phillips 66 Partners is a downstream energy and growth-oriented MLP. The partnership owns, operates, develops and acquires mainly fee-based crude oil, refined petroleum products as well as natural gas liquids pipelines, terminals and other transportation and midstream assets. It operates through three segments —Refining and Marketing, Midstream as well as Chemicals.
Some of the MPL’s assets include the Clifton Ridge Crude System, Sweeny to Pasadena Products System, Hartford Connector Products System, Gold Line Products System, Bakken Joint Venture, Sweeny Fractionator and Clemens Caverns.
Further update on strategic initiatives of the partnership will be provided as it announces third-quarter 2018 results on Oct 26.
Price Performance
In the past year, Phillips 66 Partners’ units have lost 3.3% compared with the industry’s 3.1% decline.
Zacks Rank & Stocks to Consider
Phillips 66 Partners currently sports a Zacks Rank #3 (Hold).
A few better-ranked players in the same sector are Petroleo Brasileiro S.A. (PBR - Free Report) or Petrobras SA and CNX Resources Corporation (CNX - Free Report) . The stocks flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Petrobras is the largest integrated energy firm in Brazil and one of the major players in Latin America. It pulled off an average positive earnings surprise of 10.4% in the last four quarters.
CNX Resources is an independent oil and gas exploration and production company. The company delivered a positive earnings surprise of 250.0% in the preceding quarter.
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Phillips 66 Partners L.P. announced that its subsidiary Gray Oak Pipeline, LLC is will initiate an open season for the Eagle Ford segment. Phillips 66 Partners is a master limited partnership (“MLP”) formed by Phillips 66 (PSX - Free Report) .
Interested shippers will be able to secure long-term crude oil transportation on the Gray Oak Pipeline under a binding transportation services agreement. The pipeline starts from the Helena Hub and Three Rivers terminal and extends to the Corpus Christi and Sweeny/Freeport markets.
The pipeline has received adequate binding volume commitment for the proposed Eagle Ford pipeline segment and related infrastructure. Operations from the Helena Hub and Three Rivers terminal are anticipated to commence by the end of 2019.
Gray Oak is a joint venture between Phillips 66 Partners and Tesoro Corporation (ANDV), holding 75% and 25%, respectively.
Phillips 66 Partners is a downstream energy and growth-oriented MLP. The partnership owns, operates, develops and acquires mainly fee-based crude oil, refined petroleum products as well as natural gas liquids pipelines, terminals and other transportation and midstream assets. It operates through three segments —Refining and Marketing, Midstream as well as Chemicals.
Some of the MPL’s assets include the Clifton Ridge Crude System, Sweeny to Pasadena Products System, Hartford Connector Products System, Gold Line Products System, Bakken Joint Venture, Sweeny Fractionator and Clemens Caverns.
Further update on strategic initiatives of the partnership will be provided as it announces third-quarter 2018 results on Oct 26.
Price Performance
In the past year, Phillips 66 Partners’ units have lost 3.3% compared with the industry’s 3.1% decline.
Zacks Rank & Stocks to Consider
Phillips 66 Partners currently sports a Zacks Rank #3 (Hold).
A few better-ranked players in the same sector are Petroleo Brasileiro S.A. (PBR - Free Report) or Petrobras SA and CNX Resources Corporation (CNX - Free Report) . The stocks flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Petrobras is the largest integrated energy firm in Brazil and one of the major players in Latin America. It pulled off an average positive earnings surprise of 10.4% in the last four quarters.
CNX Resources is an independent oil and gas exploration and production company. The company delivered a positive earnings surprise of 250.0% in the preceding quarter.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
Click for details >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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