Phillips 66 President Tim Taylor said the acquisition from Union Oil Co. of California, a Chevron subsidiary dubbed UNOCAL, fits in with the changing U.S. energy landscape.
"Given our expectations for increasing volumes of North American crude oil movements into the Gulf Coast region and growth in refined product exports, the Beaumont terminal is well positioned to serve this growing market while providing significant expansion potential," he said in a statement.
Total U.S. crude oil production in April averaged 8.3 million barrels per day, the highest monthly average since March 1988. By 2015, the average should reach 9.2 million bpd, the highest level in more than 40 years, the U.S. Energy Information Administration estimates.
The Beaumont terminal includes two marine docks as well as rail and truck loading facilities.
The terms of the acquisition weren't disclosed and there was no public statement from Chevron or its subsidiary.