The approval of the Iron Mesa Gas Plant air permit provides a clear regulatory milestone that confirms the project’s transition from planning into execution. When viewed alongside recent public statements from Phillips 66, the permit offers a clean view into how this Permian gas processing project is advancing through a standard midstream development cadence.
Phillips 66 has officially registered the Condor Compressor Station in Martin County, Texas, marking another strategic step in its buildout of natural gas infrastructure tied to the Dos Picos midstream complex. The registration was filed under Project #395482 and completed on July 14, 2025, with the Texas Commission on Environmental Quality (TCEQ).
Located near George West, Texas, the Phillips 66 Three Rivers Gas Plant is a critical component of the company’s midstream operations in the Eagle Ford Shale region. Formerly operated by DCP Midstream, the facility was integrated into Phillips 66’s portfolio following its acquisition of DCP’s assets. The plant plays a vital role in natural gas processing and NGL extraction, supporting the flow of energy products across South Texas and beyond.
Phillips 66 Co. is charging ahead with its strategy to enhance midstream performance and integrated growth, announcing major new developments during its Q1 2025 earnings call on April 25.
Phillips 66 is making big moves in the Permian Basin, a critical hub for U.S. energy production. During their Q4 2024 earnings call, the company outlined how strategic acquisitions, processing expansions, and pipeline investments will drive growth in their Midstream business and position them to capitalize on rising NGL and crude demand.
Phillips 66 (NYSE: PSX) has taken a significant step to strengthen its position in the Permian Basin midstream sector by announcing a definitive agreement to acquire EPIC Y-Grade GP, LLC and EPIC Y-Grade, LP (collectively referred to as “EPIC NGL”). The acquisition is valued at $2.2 billion in cash, subject to customary purchase price adjustments.
Phillips 66 has sold 550 miles of natural gas pipelines, along with associated assets in the Haynesville Shale, to Voyager Midstream Holdings, a portfolio company of Pearl Energy Investments. The assets are located in Texas (Panola, Rusk, and Harrison counties) and Louisiana (Caddo Parish).
Phillips 66 is acquiring Pinnacle Midland Parent LLC for $550 million to expand its natural gas gathering and processing in the Midland Basin. This acquisition includes the Dos Picos system, which adds significant capacity and complements Phillips 66’s existing infrastructure. The transaction is expected to close by mid-2024, pending regulatory approval.
