Market Overview

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

Related PSX
Phillips 66 Partners Announces Acquisition of Strategic Logistics Assets
Crude Oil Officially In Bear Market, Integrated Oils Feeling The Effect
Oil Refiners Tumble, Producers Rally on Export Ruling (Fox Business)
Related GLP
Global Partners Declares Increased Q3 Cash Distribution From $0.6375 To $0.6525
Worst Performing Industries For October 14, 2014

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)

Around the Web, We're Loving...

Get Benzinga's Newsletters