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Phillips 66 Partners Announces Expansion Open Season for West Texas Service with the Gray Oak Pipeline

November 9, 2018

HOUSTON--(BUSINESS WIRE)--Nov 9, 2018--Phillips 66 Partners (NYSE: PSXP) announces that Gray Oak Pipeline, LLC (“Gray Oak”) is launching a binding expansion open season to solicit shipper commitments for services from West Texas. The expansion open season will provide an opportunity for interested shippers to secure long-term crude oil transportation with the Gray Oak Pipeline under binding transportation services agreements.

The expansion includes new takeaway capacity from Gray Oak Pipeline origination stations in West Texas to destinations in the Corpus Christi and Freeport markets. The final scope and capacity will depend on the outcome of the expansion open season. The pipeline expansion is expected to be placed in service in the fourth quarter of 2020.

The expansion open season will commence at 12 p.m. CST on Nov. 12, 2018. Prior to participating in the open season, interested parties must execute a confidentiality agreement to govern the receipt of the open season documentation. For a form of confidentiality agreement and additional information regarding the expansion of the Gray Oak Pipeline, please contact Corey.Leonard@p66.com.

About Phillips 66 Partners 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. For more information, visit www.phillips66partners.com.

CAUTIONARY STATEMENTS

This press release contains forward-looking statements as defined under the federal securities laws, including projections, plans and objectives. Although Phillips 66 Partners believes that expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. In addition, these statements are subject to certain risks, uncertainties and other assumptions that are difficult to predict and may be beyond Phillips 66 Partners’ control. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, actual results may vary materially from what Phillips 66 Partners anticipated, estimated, projected or expected. The key risk factors that may have a direct bearing on the forward-looking statements are the accuracy of our assumptions used to estimate the timing of permit receipts and the construction schedule, the ultimate number of co-venturers and associated ownership interests, and our ability to successfully construct and integrate the assets into our operations, and other factors as described in the filings that Phillips 66 Partners makes with the Securities and Exchange Commission. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than as described. All forward-looking statements in this release are made as of the date hereof and Phillips 66 Partners undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181109005073/en/

CONTACT: Phillips 66 Partners

Jeff Dietert (investors), 832-765-2297

jeff.dietert@p66.com

or

Rosy Zuklic (investors), 832-765-2297

rosy.zuklic@p66.com

or

Dennis Nuss (media), 832-765-1850

dennis.h.nuss@p66.com

KEYWORD: UNITED STATES NORTH AMERICA TEXAS

INDUSTRY KEYWORD: ENERGY OIL/GAS PROFESSIONAL SERVICES FINANCE

SOURCE: Phillips 66 Partners

Copyright Business Wire 2018.

PUB: 11/09/2018 08:31 AM/DISC: 11/09/2018 08:31 AM

http://www.businesswire.com/news/home/20181109005073/en

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