Phillips 66 and Enbridge Announce Open Season for West Texas Crude Oil Pipeline System

Phillips 66 (NYSE: PSX) and Enbridge Inc. (NYSE: ENB) today announced an open season for the Gray Oak Pipeline. The Gray Oak Pipeline will provide producers and other shippers the opportunity to secure crude oil transportation from West Texas to the destination markets of Corpus Christi, Freeport, and Houston, Texas, with connectivity to over 3 million barrels per day (BPD) of refining capacity and multiple dock facilities capable of crude oil exports. Shippers will have the option to select from origination stations in Reeves, Loving, Winkler, and Crane counties in West Texas.

The Gray Oak Pipeline is expected to have an initial throughput capacity of 385,000 BPD. Phillips 66 and Enbridge will evaluate expansion of the system beyond 385,000 BPD, depending on shipper interest in the open season. The pipeline system is anticipated to be placed in service in the second half of 2019.

The open season will commence at 12 p.m. CST on Dec. 11, 2017. 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 Gray Oak Pipeline, please contact Corey Leonard at [email protected] or Jarrod Tessier at [email protected].

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 14,600 employees committed to safety and operating excellence. Phillips 66 had $53 billion of assets as of Sept. 30, 2017. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.

About Enbridge Inc.

Enbridge Inc. is North America's premier energy infrastructure company with strategic business platforms that include an extensive network of crude oil, liquids and natural gas pipelines, regulated natural gas distribution utilities and renewable power generation. The company safely delivers an average of 2.8 million barrels of crude oil each day through its Mainline and Express Pipeline; accounts for approximately 65% of U.S.-bound Canadian crude oil exports; and moves approximately 20% of all natural gas consumed in the U.S., serving key supply basins and demand markets. The company's regulated utilities serve approximately 3.6 million retail customers in Ontario, Quebec, New Brunswick and New York State. Enbridge also has a growing involvement in electricity infrastructure with interests in more than 2,500 MW of net renewable generating capacity in North America and Europe. The company has ranked on the Global 100 Most Sustainable Corporations index for the past eight years; its common shares trade on the Toronto and New York stock exchanges under the symbol ENB. Life takes energy and Enbridge exists to fuel people's quality of life. For more information, visit www.enbridge.com.

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Phillips 66
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