KM-Phoenix refined products terminals are a joint venture between BP (25%) and Kinder Morgan (KM, operator, 75%), comprising 13 refined products terminals. 7 of these terminals are supplied directly from BP’s refineries, with 4 of these directly supplied from BP’s Whiting refinery via BP-owned/operated pipelines. These pipelines are also included in BPMP’s Right of First Offer (ROFO) agreement with BP.
- Strategically located and integral to BP’s refining operations; terminals link BP’s 3 US refineries (746 mbd nameplate capacity) and key marketing areas
- Cash flows are underpinned by long-term throughput contracts
- Enhances portfolio diversity; demonstrates scale of dropdown inventory across BP’s midstream value chain
- Well suited to take advantage of volume growth opportunities in high-demand refined petroleum products markets (including with third-party customers)
- Opportunities to leverage BP’s expertise in product trading and marketing, and Kinder Morgan’s strength in operations and terminal development