Phillips 66 Partners, a growth-oriented master limited partnership formed by Phillips 66 to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum products and natural gas liquids pipelines, terminals and other midstream assets, agreed to acquire a 50% stake in Liberty Pipeline, which provides crude oil transportation service from the Rockies and Bakken production areas to Cushing, Oklahoma, from Phillips 66 for $75m. "The Liberty Pipeline is a great addition to the Phillips 66 Partners portfolio. It is a strong organic project and continues our strategy of growing PSXP with stable fee-based cash flows, supported by long-term volume commitments. Phillips 66 Partners is well positioned to execute this pipeline project on the heels of successfully starting up the Gray Oak Pipeline. We remain committed to maintaining a strong financial position and disciplined capital allocation, investing in projects with attractive returns and delivering growing distributions to unitholders," Greg Garland, Phillips 66 Partners Chairman and CEO.