Market Overview

Phillips 66, Global Partners Announce LT Crude Transportation, Logistics Contract

Related PSX
What Oil Recovery?
Curbing Enthusiasm For Oil Upside
Oil: Shale Tight Oil Disrupting The Paradigm? (Seeking Alpha)
Related GLP
Top Performing Industries For August 17, 2015
Worst Performing Industries For August 6, 2015

Phillips 66 (NYSE: PSX) today announced that it has signed a five-year contract with Global Partners LP (NYSE: GLP) under which Global will use its rail transloading, logistics and transportation system to deliver crude oil from the Bakken region of North Dakota to the Phillips 66 Bayway refinery in New Jersey. This is one of several commitments to transportation infrastructure Phillips 66 has made that tie directly to its strategy of delivering advantaged crude oil to the company's U.S. refineries.

The terms of the contract include a take-or-pay commitment from Phillips 66 to receive approximately 91 million barrels of crude oil over the contract term, which equates to approximately 50,000 barrels per day.

Posted-In: News Contracts


Related Articles (GLP + PSX)

View Comments and Join the Discussion!

Get Benzinga's Newsletters