reuters.com

Phillips 66, Kinder Morgan and HF Sinclair approve $5B Western Gateway project

Phillips 66 logoPhillips 66
Sig5.00Sen+5.45Env-3.45Soc+0.70Gov+1.35
Kinder Morgan logoKinder Morgan
Sig4.08Sen+4.15Env-1.10Soc+0.85Gov+0.65
HF Sinclair logoHF Sinclair
Sig4.49Sen+4.02Env-1.42Soc+0.60Gov+1.63

Phillips 66 will hold 49.9% of the Western Gateway venture, with Kinder Morgan at 35.1% and HF Sinclair at 15%. The 1,300-mile, 230,000 bpd refined-products pipeline system is targeted for 2029. Phillips 66 plans nearly $2.5 billion in cash, while Kinder Morgan and HF Sinclair contribute about $250 million and $750 million, supported by mainly 10-year take-or-pay contracts.

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