Phillips 66 and Plains All American formed a joint venture, Red Oak Pipeline System.

Phillips 66 and Plains All American formed a joint venture, Red Oak Pipeline System. The pipeline system will provide crude oil transportation service from Cushing, Oklahoma, and the Permian Basin in West Texas to Corpus Christi, Ingleside, Houston and Beaumont, Texas. Financial terms were not disclosed. "Red Oak represents a capital-efficient industry solution that will utilize existing assets and provide pull-through benefits to our systems. We look forward to working closely with Phillips 66 and our committed shippers to bring Red Oak into service and further optimize our assets upstream and downstream of the new pipeline system. We also look forward to creating jobs and supporting economic growth in Oklahoma and Texas," Willie Chiang, Plains All American CEO.