“And like in the current crisis, liquidity is king,” Phillips 66 chairman and chief executive Greg Garland said on the company’s Q1 conference call in early May. Like the upstream, America’s midstream sector is also grappling with preserving liquidity in response to unprecedented market conditions. The oil price and demand crash in the COVID-19 pandemic caught up with U.S. energy infrastructure plans as oil and gas producers slashed budgets and drilling activity. In response to expected lower throughput volumes and in an attempt to preserve liquidity, Phillips 66 and other midstream operators in the United States have recently deferred in-service dates and final investment decisions on several oil pipelines and scaled back the capacity of others. According to the Energy Information Administration’s (EIA) latest update of its Liquids Pipeline Projects Database, five pipelines in the U.S. and such crossing into Mexico were on hold as of June 4. Last […]