In Midstream, the company is pursuing development of a 100,000 barrel-per-day NGL fractionator to be located in Old Ocean, Texas. If approved, construction is expected to begin in the first half of 2014, with startup anticipated in the second half of 2015. As announced in March, Phillips 66 Partners LP, a wholly owned subsidiary of Phillips 66, filed a registration statement with the U.S. Securities and Exchange Commission related to its proposed IPO of common units representing limited partner interests. The company anticipates the IPO will occur in the second half of this year. CPChem has a strong organic growth plan and has identified approximately $6B-$8B in potential growth projects for development over the next five years. In the first quarter of 2013, refined product exports totaled 150,000 barrels per day, a significant increase compared with the same period of 2012. The company also completed projects at its Ferndale, San Francisco and Alliance refineries which expanded refined product export capability by approximately 35,000 barrels per day. In total, Phillips 66 has the capacity to export approximately 320,000 barrels per day from its domestic refineries. Through further investment at its facilities on the Gulf and West Coasts, export capability is expected to increase to 370,000 barrels per day by the end of 2013.