Phillips 66 (PSX) Launches Open Season for Blue Line System

Zacks Equity Research

10 June 2024 at 8:17 am·3-min read

Phillips 66 PSX, a leading energy company, has announced that its subsidiary, Phillips 66 Pipeline, LLC, is initiating a binding open season to solicit shipper commitments for services on its Blue Line System. This pipeline transports propane and butane from Wichita, KS, to Jefferson City, MO, and East St. Louis, IL.

The Blue Line System, a common carrier liquids product pipeline, is set to offer long-term liquified petroleum gas (LPG) transportation services under binding agreements. This open season offers potential shippers an opportunity to secure long-term transportation services for LPG products on the Blue Line System through binding transportation service agreements. These services are expected to be available during the winter seasons (October through March), beginning the fourth quarter of 2024, pending approval from the Federal Energy Regulatory Commission of a related settlement.

The open season starts on Jun 7, 2024, at noon CDT and will remain open for 30 days, ending at 5:00 pm CDT on Jul 6. Interested shippers need to execute a confidentiality agreement before receiving the open season documentation.

This announcement marks a significant opportunity for shippers to secure dedicated capacity on the Blue Line System, ensuring reliable transportation of critical LPG products during peak demand winter months. The Blue Line System plays a critical role in the transportation of propane and butane across key regions. By facilitating the movement of these essential fuels, the system supports a reliable supply chain for industries and consumers, especially in winter. The open season is a strategic move to ensure long-term commitments and stability in the transportation of these fuels.

Phillips 66's move demonstrates its ongoing commitment to enhancing infrastructure and service reliability in the energy transportation sector.

Zacks Rank & Key Picks

Currently, Phillips 66 carries a Zack Rank #3 (Hold).

Investors interested in the energy sector may look at some better-ranked stocks like Archrock Inc. AROC, Sunoco LP SUN and SM Energy Company SM. While Archrock and Sunoco sport a Zacks Rank #1 (Strong Buy) each, SM Energy carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.

The Zacks Consensus Estimate for AROC’s 2024 EPS is pegged at $1.07. The company has a Zacks Style Score of A for Growth. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.

Sunoco is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing more than 10,000 convenience stores, it distributes over 10 fuel brands, ensuring a stable revenue stream. SUN currently has a Value Score of A.

The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $7.29 and $7.17, respectively. The partnership has witnessed upward earnings estimate revisions for 2024 and 2025 in the past seven days.

SM Energy is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company’s attractive oil and gas investments should create long-term value for shareholders.

The Zacks Consensus Estimate for SM’s 2024 EPS is pegged at $6.63. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Sunoco LP (SUN) : Free Stock Analysis Report

SM Energy Company (SM) : Free Stock Analysis Report

Phillips 66 (PSX) : Free Stock Analysis Report

Archrock, Inc. (AROC) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

Fool.co.uk
Glencore and Vodafone slashed their dividends. Could this FTSE 250 stock yielding 10% be next?
This FTSE 250 stock currently offers a huge yield. But with the company struggling, Edward Sheldon believes the dividend payout isn't sustainable. The post Glencore and Vodafone slashed their dividends. Could this FTSE 250 stock yielding 10% be next? appeared first on The Motley Fool UK.
The Telegraph
Questor: Investors aren’t happy with this company’s strategy, but should stay patient
It is fair to say that last week’s strategic update from Legal & General is going down like a rattlesnake in a lucky dip with investors, and as a result much of our (paper) capital gain is ebbing away.
Fool.co.uk
This growth stock that Warren Buffett owns just hit 52-week lows. Should I buy?
Jon Smith flags up a high-profile US stock that the great Warren Buffett bought back in 2020 but which has nosedived over recent months. The post This growth stock that Warren Buffett owns just hit 52-week lows. Should I buy? appeared first on The Motley Fool UK.
The Telegraph
Beware Farage’s £40bn raid on banks – there is no such thing as a free lunch
It never seemed likely that the arcane subject of the payment of interest on commercial banks’ deposits at the Bank of England would come to be a topic of conversation down the Dog and Duck. But this is apparently what has happened after Nigel Farage discussed the policy of not paying such interest on the Laura Kuenssberg TV programme last week.
Fool.co.uk
9.9% dividend yield! Is this FTSE 100 stock a brilliant bargain?
This leading British enterprise looks like a delicious deal for passive income, trading at a low multiple while offering a near-double-digit dividend yield! The post 9.9% dividend yield! Is this FTSE 100 stock a brilliant bargain? appeared first on The Motley Fool UK.
Manchester Evening News
Lloyds, Santander, Barclays make 'major' changes for millions of customers this month
Some of these changes will impact current account and credit card holders, while some mortgage customers could also be affected
Fool.co.uk
Investing £5 a day in this dividend giant can make me a £14,067 annual second income!
This FTSE 100 high-yield star can make me a major second income, supported by a strong business outlook and an apparently undervalued share price. The post Investing £5 a day in this dividend giant can make me a £14,067 annual second income! appeared first on The Motley Fool UK.
CityAM
Bank of England to hold rates even as inflation looks set to fall to two per cent
The rate-setting Monetary Policy Committee (MPC) left the door open for a June cut at its last meeting in May, but since then a number of data releases have pointed to stubborn inflationary pressures.
Fool.co.uk
The FTSE 100’s full of undervalued gems. Are these 2 UK stocks primed for a strong recovery?
Lots of FTSE 100 shares have hit new highs this year, but some are lagging behind. Considering them while they're cheap could deliver long-term returns. The post The FTSE 100’s full of undervalued gems. Are these 2 UK stocks primed for a strong recovery? appeared first on The Motley Fool UK.
Barrons.com
Nvidia Stock Slips. New Price Target Is Highest on Wall Street.
FEATURE Nvidia stock was trading down slightly Monday. The chip maker has been getting more price-target upgrades on Wall Street. Nvidia shares fell 0.6% at $131.07 on Monday. The stock closed up 1.
CityAM
TSB to move to Square Mile as staff defy work from home expectations
The controversial work-from-home trend, catalysed by the Covid-19 lockdowns, has drawn criticism by some business leaders and politicians.
Evening Standard
Inflation set to hit Bank of England's 2% target, but MPC not expected to cut interest rates
Inflation is set to hit the Bank of England’s target figure for the first time since July 2021
Fool.co.uk
Could this be one of the FTSE 100’s best cheap dividend shares?
Looking for the best dividend growth shares to buy? Our writer Royston Wild thinks this FTSE 100 housebuilder might well be too cheap to ignore. The post Could this be one of the FTSE 100’s best cheap dividend shares? appeared first on The Motley Fool UK.
Fool.co.uk
Does a 43% price drop make this undervalued UK stalwart one of the best cheap shares to buy now?
After losing a third of its value of the past five years, this might be one of the most undervalued UK shares to buy right now. The post Does a 43% price drop make this undervalued UK stalwart one of the best cheap shares to buy now? appeared first on The Motley Fool UK.
Evening Standard
Never mind the politics. The Bank of England must cut interest rates now to save the economy
City Voices: Trying to show it is not biased during an election is just as political a decision for the Bank as a rate cut
Fool.co.uk
Here’s why I think the Lloyds share price could hit a 5-year high in 2024
It's up 13.5% so far in 2024, and reaching new highs. But where might the Lloyds Bank share price go in the second half of 2024? The post Here’s why I think the Lloyds share price could hit a 5-year high in 2024 appeared first on The Motley Fool UK.
The Telegraph
Raise capital gains tax to cover higher benefit bills, says IMF
Britain and other rich nations should raise taxes on capital gains to support a surge in benefits spending, the International Monetary Fund (IMF) has said.
The Telegraph
Labour risks higher mortgage bills and worse unemployment, says HSBC
Labour proposals to introduce a ‘genuine living wage’ risk triggering a surge in unemployment and pushing up mortgage costs for households, HSBC has warned.
Fool.co.uk
Taylor Wimpey shares yield a fabulous 6.41%, but is the dividend safe?
Harvey Jones has enjoyed plenty of growth and income after buying Taylor Wimpey shares last year. But is today's high yield really sustainable? The post Taylor Wimpey shares yield a fabulous 6.41%, but is the dividend safe? appeared first on The Motley Fool UK.
Fool.co.uk
3 dividend shares I’ve bought for the next decade!
I think these UK dividend shares can amplify my long-term passive income, and could even be on track to becoming future Dividend Aristocrats! The post 3 dividend shares I’ve bought for the next decade! appeared first on The Motley Fool UK.

FTSE 100

FTSE 250

AIM

GBP/EUR

GBP/USD

Bitcoin GBP

CMC Crypto 200

S&P 500

DOW

CRUDE OIL

GOLD FUTURES

NIKKEI 225

HANG SENG

DAX

CAC 40

What Labour and the Tories are offering pensioners in their manifestos

Phillips 66 (PSX) Launches Open Season for Blue Line System

Zacks Rank & Key Picks

Latest stories

Glencore and Vodafone slashed their dividends. Could this FTSE 250 stock yielding 10% be next?

Questor: Investors aren’t happy with this company’s strategy, but should stay patient

This growth stock that Warren Buffett owns just hit 52-week lows. Should I buy?

Beware Farage’s £40bn raid on banks – there is no such thing as a free lunch

9.9% dividend yield! Is this FTSE 100 stock a brilliant bargain?

Lloyds, Santander, Barclays make 'major' changes for millions of customers this month

Investing £5 a day in this dividend giant can make me a £14,067 annual second income!

Bank of England to hold rates even as inflation looks set to fall to two per cent

The FTSE 100’s full of undervalued gems. Are these 2 UK stocks primed for a strong recovery?

Nvidia Stock Slips. New Price Target Is Highest on Wall Street.

TSB to move to Square Mile as staff defy work from home expectations

Inflation set to hit Bank of England's 2% target, but MPC not expected to cut interest rates

Could this be one of the FTSE 100’s best cheap dividend shares?

Does a 43% price drop make this undervalued UK stalwart one of the best cheap shares to buy now?

Never mind the politics. The Bank of England must cut interest rates now to save the economy

Here’s why I think the Lloyds share price could hit a 5-year high in 2024

Raise capital gains tax to cover higher benefit bills, says IMF

Labour risks higher mortgage bills and worse unemployment, says HSBC

Taylor Wimpey shares yield a fabulous 6.41%, but is the dividend safe?

3 dividend shares I’ve bought for the next decade!