Phillips 66 to Undertake $1.5B Expansion of Natural Gas Plant in Southeast Texas

OLD OCEAN, TEXAS — Phillips 66 (NYSE: PSX) will undertake a $1.5 billion expansion of its Sweeny Hub natural gas plant in Old Ocean, about 65 miles southeast of Houston. The project will include the construction of two fractionators capable of producing 150,000 barrels of natural gas per day, as well as additional storage facilities for the fossil fuel and various infrastructural upgrades to pipelines. The new facilities are expected to begin commercial operations in late 2020. Upon completion, the Sweeny Hub will have a fractionator capacity of 400,000 barrels per day and the capacity to store 15 million barrels.