Phillips 66 Partners Announces Open Season for the Eagle Ford Segment of the Gray Oak Pipeline

Phillips 66 Partners (NYSE: PSXP) announced today that its subsidiary Gray Oak Pipeline, LLC (Gray Oak) is commencing an open season for the Eagle Ford segment of the Gray Oak Pipeline. Interested shippers will have the opportunity to secure long-term crude oil transportation on the Gray Oak Pipeline from the Helena Hub and Three Rivers terminal to the Corpus Christi and Sweeny/Freeport markets under a binding transportation services agreement. Gray Oak has received sufficient binding volume commitments for the planned Eagle Ford pipeline segment and associated infrastructure. Service from the Helena Hub and Three Rivers terminal is expected to begin by the end of 2019. Gray Oak is a joint venture owned 75 percent by Phillips 66 Partners and 25 percent by Andeavor (NYSE: ANDV).

The open season will commence at 3 p.m. CDT on Sept. 27, 2018. 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 Scott Hutson at [email protected].

About Phillips 66 Partners

Headquartered in Houston, Phillips 66 Partners is 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 and terminals and other transportation and midstream assets. For more information, visit www.phillips66partners.com.

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CAUTIONARY STATEMENTS

This press release contains forward-looking statements as defined under the federal securities laws, including projections, plans and objectives. Although Phillips 66 Partners believes that expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. In addition, these statements are subject to certain risks, uncertainties and other assumptions that are difficult to predict and may be beyond Phillips 66 Partners control. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, actual results may vary materially from what Phillips 66 Partners anticipated, estimated, projected or expected. The key risk factors that may have a direct bearing on the forward-looking statements are the accuracy of our assumptions used to estimate the timing of permit receipts and the construction schedule, the ultimate number of co-venturers and associated ownership interests, and our ability to successfully construct and integrate the assets into our operations, and other factors as described in the filings that Phillips 66 Partners makes with the Securities and Exchange Commission. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than as described. All forward-looking statements in this release are made as of the date hereof and Phillips 66 Partners undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

TAX CONSIDERATIONS

This release is intended to be a qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that 100 percent of Phillips 66 Partners LPs distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Phillips 66 Partners LPs distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate. Nominees, and not Phillips 66 Partners LP, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.

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