Phillips 66 Partners LP has acquired Phillips 66’s Gold Product Pipeline System, which includes a terminal in Wichita, as well as the Medford Spheres, two propylene storage spheres in Medford, Okla., for $700 million.
This is Phillips 66 Partners first acquisition since the limited partnership went public in July. The transaction is effective March 1.
The Gold Line System, consists of a 681-mile refined products pipeline system that runs from the Phillips 66-operated refinery in Borger, Texas, to Cahokia, Ill., with access to the Phillips 66 refinery in Ponca City, Okla., as well as two lateral lines from Paola to Kansas City, Kan. The system has a capacity of 132,000 barrels per day and includes terminals in Wichita, Kansas City, Kan., Jefferson City, Mo., and Cahokia, Ill., with 172,000 barrels per day of aggregate throughput capacity and 4.3 million barrels of storage capacity.