Each of the company logos represented herein are trademarks of Verizon Media; Microsoft Corporation; Nasdaq, Inc.; Dow Jones & Company; Forbes Media, LLC; Investor's Business Daily, Inc.; and Morningstar, Inc. Copyright 2020 Zacks Investment Research | 10 S Riverside Plaza Suite #1600 | Chicago, IL 60606. Phillips 66 Partners (PSXP - Free Report) announced an open season for the Gray Oak Pipeline’s new takeaway capacity. “ We’ll continue to construct the Gray Oak Pipeline. The partnership added that the pipeline’s new destination will be Victoria County, TX. 'industry_sector' : 'Upstream', Phillips 66 Partners (NYSE: PSXP) announces that its subsidiary Gray Oak Pipeline, LLC ("Gray Oak") is launching an open season to solicit shipper commitments for services from West Texas on … The partnership added … A recent pick, Maxar, skyrocketed +178.7% in 3 months. See its 7 best stocks FREE. The open season will commence at 9 a.m. CDT on Sept. 1, 2020. Visit performance for information about the performance numbers displayed above. Tullow Gets Green Light for $575MM Total Deal, Total Awards Maersk Contract for Three Angola Wells, Israel and UAE Eye Pipeline Linking Red and Med Seas, Asia LNG Price Surge Spurs Interest in Vitol Trades, Deloitte Gives Bleak US Oil Job Prediction. In the pipeline project, with transportation capacity of 900,000 barrels per day and connecting to multiple terminals in Corpus Christi, TX, the partnership has a 42.25% effective ownership interest. Subsidiaries of Enbridge, Marathon Petroleum and Diamondback Energy own the remaining pipelines stakes. Delayed quotes by Sungard. Early investors stand to make a killing, but you have to be ready to act and know just where to look. Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. 'content_origin' : 'Rigzone Staff', 'Region' : 'All', View source version on businesswire.com: https://www.businesswire.com/news/home/20200831005145/en/, Phillips 66 Partners:Jeff Dietert (investors), [email protected] orBrent Shaw (investors), [email protected] orDennis Nuss (media), [email protected], COVID-19 Virus Twists Crude Oil Demand Cycle Recovery, How He Made $2.8M Trading Stocks Part-Time At Home, Tax hikes may help Russian oil majors stomach OPEC output curbs, Analysis: Tax hikes may help Russian oil majors stomach OPEC output curbs, Stock market news live updates: Stocks sink as U.S., Europe battle virus resurgence, An Encouraging Outlook on Retirement, Survey Says, Bill Gates slams Trump's COVID-19 adviser as 'pseudo-expert' who's 'off-the-rails', Fauci: The US is still in the first wave of COVID-19, Land O'Lakes CEO Beth Ford speaks on the farming sector during the COVID-19 pandemic. ZacksTrade and Zacks.com are separate companies. 'author' : 'Matthew V Veazey', A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. North America Oil Bankruptcy Debt Hits All Time High, Trucking Provides Rare Boost to Europe Oil Demand, Nigeria Crude Continues to Flow Amid Unrest, Biden Says Renewables Need to Replace Oil Industry, Proposal Would Make Oil Traders Liable for Human Rights Lapses, Shale Deal Must Navigate Potential Conflict. These returns cover a period from January 1, 1988 through August 31, 2020. The open season will gauge shippers’ interest to transport crude volumes under binding transportation services agreements for a long period of time. Phillips 66 Partners (PSXP - Free Report) announced an open season for the Gray Oak Pipeline’s new takeaway capacity. Headquartered in Houston, Phillips 66 Partners is a growth-oriented master limited partnership formed by Phillips 66 to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum products and natural gas liquids pipelines, terminals and other midstream assets. Is a Healthier Oil Market on the Horizon? According to Phillips 66’s website, the 850-mile (1,368-kilometer) Gray Oak Pipeline links the Permian Basin and Eagle Ford Shale to the Texas Gulf Coast. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. Prior to participating in the open season, interested parties must execute a confidentiality agreement to govern the receipt of the open season documentation. Headquartered in Houston, TX, Phillips 66 Partners currently carries a Zacks Rank #4 (Sell). EOG Resources’ 2020 bottom-line estimates have risen more than 200% over the past 30 days. Zacks has just released a Special Report on the booming investment opportunities of legal marijuana. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating indiv idual securities. Meanwhile, three better-ranked players in the energy space are Cimarex Energy Co (XEC - Free Report) , Concho Resources Inc. (CXO - Free Report) and EOG Resources, Inc. (EOG - Free Report) , each holding a Zacks Rank #2 (Buy). 'audience' : 'News', By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms and Conditions of Service. Phillips 66 Partners operates Gray Oak and holds a 42.25% ownership stake. The firm reported in April of this year that the 900,000-barrel per day pipeline made its first commercial deliveries of crude to the coast. Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. If you do not, click Cancel. Since 1988 it has more than doubled the S&P 500 with an average gain of +24.53% per year. Forward-looking statements in this news release are based on management’s expectations, estimates and projections as of the date they are made. You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. Cimarex Energy has seen upward earnings estimate revisions for 2020 in the past 30 days. Real time prices by BATS. July 29, 2019 [S&P Global Platts] – Phillips 66 Partners said its 900,000 b/d Gray Oak pipeline providing crude transportation for Permian Basin and Eagle Ford barrels to the US Gulf Coast is on track to start up in the fourth quarter of 2019. Phillips 66 Partners Sets Open Season for Texas Pipeline, Pipelay Project Could Be Worth $250MM to TechnipFMC, Baker Hughes Reports Six More US Oil Rigs. There will be new takeaway capacity from West Texas, and a new destination in Victoria County, Texas. Phillips 66 Partners (NYSE: PSXP) began trading on the New York Stock Exchange on July 23, 2013. ssdl.editorialMetaData = { 'Country' : 'All', Zacks Equity Research Phillips 66 Partners LP price | Phillips 66 Partners LP Quote. However, the absence of these words does not mean that a statement is not forward-looking. For a form of confidentiality agreement and additional information regarding the expansion of the Gray Oak Pipeline, please contact [email protected]. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Importantly, Phillips 66 Partners is seeking capacity expansion, especially when the coronavirus pandemic has led to excess of long-term transportation capacity from the prolific Permian basin. A unit of Phillips 66 Partners is launching an open season to solicit shipper commitments for services from West Texas on the Gray Oak Pipeline, Phillips 66 Partners reported Monday. Phillips 66 Partners is launching an open season Tuesday to gauge interest in additional crude oil transportation capacity from the Permian Basin to … Privacy Policy | No cost, no obligation to buy anything ever. 'sector' : 'pipelines', Gray Oak Pipeline, LLC is launching an open season for crude oil transportation commitments. EOG Resources, Inc. (EOG) - free report >>, Concho Resources Inc. (CXO) - free report >>, Phillips 66 Partners LP (PSXP) - free report >>. All comments are subject to editorial review. If you wish to go to ZacksTrade, click OK. Concho is likely to see earnings growth of 21.6% in 2020. CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS. var ssdl = ssdl || {} The monthly returns are then compounded to arrive at the annual return. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. 'company_sentiment' : 'Neutral', The partnership expects the in-service date of the new takeaway capacity to be the first half of 2022. 'published_date' : '2020-08-31', NYSE and AMEX data is at least 20 minutes delayed. For over three decades, our Strong Buy list has averaged returns more than twice the market. Zacks Rank stock-rating system returns are computed monthly based on the beginning of the month and end of the month Zacks Rank stock prices plus any dividends received during that particular month. Analysts opine that by the time the Gray Oak Pipeline’s new takeaway is online, the demand for crude will recover fully. Perhaps time to learn more. Phillips 66 Partners (NYSE: PSXP) announces that its subsidiary Gray Oak Pipeline, LLC ("Gray Oak") is launching an open season to solicit shipper commitments for services from West Texas on the Gray Oak Pipeline. Certain Zacks Rank stocks for which no month-end price was available, pricing information was not collected, or for certain other reasons have been excluded from these return calculations. 3 Big Dividend Stocks Yielding Over 7%; JMP Says ‘Buy’, Electronic voting will become 'fraud proof' and it will prompt more people to vote: Adobe CEO, US Did Not Benefit From Trade War With China: WSJ, https://www.businesswire.com/news/home/20200831005145/en/. Off-topic, inappropriate or insulting comments will be removed. A Peak Week for S&P 500 Earnings: Global Week Ahead, Coronavirus Cases Hit All-Time High: 5 Must-Buy Stocks, 7 Consumer Discretionary Stocks to Buy Ahead of Q3 Earnings, AWS 10/26: Europe Covid Cases Dampen World Markets. 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