Core Insights - Phillips 66 (PSX) and Kinder Morgan, Inc. (KMI) announced a second open season for the Western Gateway Pipeline due to strong customer demand, starting on January 16, 2026, and ending on March 31, 2026 [1][5] Group 1: Pipeline Overview - The Western Gateway Pipeline aims to transport refined fuels to western markets by upgrading and redirecting existing pipelines [2] - It includes a new connecting pipeline from Borger, TX, to Phoenix, AZ, linking to KMI's existing SFPP pipeline, enabling fuel transport to California after flow reversal [2][4] - The PSX-operated Gold Pipeline will reverse its flow direction to facilitate fuel transportation from the Midwest to Borger, TX, and then to California via the Western Gateway Pipeline [3] Group 2: Market Impact and Financials - The Western Gateway Pipeline will enhance the transport of refined products from refineries near Borger, TX, and the Midwest to Phoenix and California, with connections to Las Vegas and Los Angeles [4][9] - KMI and PSX are expected to generate additional cash flow and strengthen their business models due to robust demand for the pipeline, enhancing investor appeal [5] - Both companies currently hold a Zacks Rank 3 (Hold), indicating stable fee-based revenues insulated from crude price volatility [5]