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 December 8, 2015 - 9:00 AM EST
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Phillips 66 Announces Startup of Sweeny Fractionator One

Phillips 66 (NYSE: PSX) has begun operations at its new 100,000 barrels-per-day (BPD) natural gas liquids (NGL) fractionator located at the company's Sweeny Complex in Old Ocean, Texas. Sweeny Fractionator One supplies purity ethane and liquefied petroleum gases (LPG) to the petrochemical industry and heating markets. It is supported by 250 miles of new pipelines and a multimillion barrel storage cavern complex.

“The startup of Sweeny Fractionator One is a significant milestone in the growth of our Midstream business,” said Bob Herman, executive vice president, Midstream for Phillips 66. “We plan to add more capacity in the future to supply our customers LPGs based on affordable North American natural gas liquids.”

The LPGs produced at Sweeny Fractionator One are being delivered via pipeline to local petrochemical customers as well as to the market hub at Mont Belvieu, Texas. Phillips 66 will have the capability to place the LPG into global markets upon completion of its 150,000 BPD Freeport LPG Export Terminal in the second half of 2016.

Phillips 66 has a long history in the midstream business segment, including NGL transportation, storage and fractionation. The company owns fractionation capacity at multiple fractionators in Mont Belvieu and Conway, Kansas.

Sweeny Fractionator One and the Freeport LPG Export Terminal represent a combined capital investment of more than $3 billion. The new assets are creating more than 70 full-time jobs in addition to 5,500 construction jobs.

About Phillips 66

Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company's master limited partnership, is an integral asset in the portfolio. Headquartered in Houston, the company has 14,000 employees committed to safety and operating excellence. Phillips 66 had $49 billion of assets as of Sept. 30, 2015. For more information, visit http://www.phillips66.com or follow us on Twitter @Phillips66Co.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Forward-looking statements relating to Phillips 66's operations (including joint venture operations) are based on management's expectations, estimates and projections about the company, its interests and the energy industry in general on the date this news release was prepared. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include unexpected changes in costs for constructing, modifying or operating our facilities; unexpected difficulties in manufacturing, refining or transporting our products; lack of, or disruptions in, adequate and reliable transportation for our NGL products; and other economic, business, competitive and/or regulatory factors affecting Phillips 66's businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

Phillips 66
C.W. Mallon, 832-765-2297 (investors)
c.w.mallon@p66.com
or
Lara Burhenn, 832-765-4400 (media)
lara.k.burhenn@p66.com


Source: Business Wire (December 8, 2015 - 9:00 AM EST)

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