XOM - Permian Highway Pipeline to proceed with expansion project

Permian Highway Pipeline announced on Wednesday a final investment decision to move forward with its expansion project that will raise capacity by 550M cf/day.

The project will include additional compression on PHP to increase natural gas deliveries from the Waha area to multiple mainline connections, Katy, Texas, and various U.S. Gulf Coast markets.

Pending required approvals, the target in-service date for the PHP expansion project is November 2023.

"This expansion couldn't come at a more critical time, as it will foster future natural gas production growth in West Texas and provide several liquefaction facilities along the Texas Gulf Coast with more affordable, reliable supply," said Jamie Welch, President and CEO of Kinetik Holdings ( NASDAQ: KNTK ), which owns a 53.3% stake in Permian Highway Pipeline.

Kinder Morgan ( KMI ) and Exxon Mobil ( XOM ) own respective 26.7% and 20% ownership interests.

Kinetik Holdings ( KNTK ) recently offered $1B aggregate principal amount of sustainability-linked senior notes .

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