Phillips 66 (PSX) remains committed to the expanding opportunities in the midstream industry as part of its strategy to deliver long-term profitable growth. Pursuant to an agreement in principle with Spectra Energy (SE) and DCP Midstream (DPM), the company expects to acquire a one-third ownership in DCP's Sand Hills and Southern Hills NGL pipelines, representing a total estimated investment of $700M-$800M. This investment will enable DCP to maintain its growth plan through 2015. The Sand Hills pipeline is expected to commence deliveries of NGL from Eagle Ford into Mont Belvieu by year-end. The second phase, with service from the Permian Basin, is targeted to be in operation in the second quarter of 2013. The Southern Hills pipeline, which will extend from DCP's Midcontinent region to Mont Belvieu, remains on schedule for completion in mid-2013.