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S-1/A - FORM S-1/A - PHILLIPS 66 PARTNERS LPd485877ds1a.htm
EX-8.1 - EX 8.1 - PHILLIPS 66 PARTNERS LPd485877dex81.htm
EX-23.1 - EX-23.1 - PHILLIPS 66 PARTNERS LPd485877dex231.htm
EX-23.5 - EX-23.5 - PHILLIPS 66 PARTNERS LPd485877dex235.htm

Exhibit 5.1

 

 

811 Main Street, Suite 3700

Houston, TX 77002

Tel: +1.713.546.5400 Fax: +1.713.546.5401

www.lw.com

LOGO   FIRM / AFFILIATE OFFICES
  Abu Dhabi   Milan
  Barcelona   Moscow
  Beijing   Munich
  Boston   New Jersey
  Brussels   New York
  Chicago   Orange County
  Doha   Paris
  Dubai   Riyadh
  Düsseldorf   Rome
  Frankfurt   San Diego
  Hamburg   San Francisco
July 15, 2013   Hong Kong   Shanghai
  Houston   Silicon Valley

Phillips 66 Partners LP

3010 Briarpark Drive

Houston, Texas 77042

  London   Singapore
  Los Angeles   Tokyo
  Madrid   Washington, D.C.

 

  Re: Initial Public Offering of Common Units of Phillips 66 Partners LP

Ladies and Gentlemen:

We have acted as special counsel to Phillips 66 Partners LP, a Delaware limited partnership (the “Partnership”), in connection with the proposed issuance of up to 17,250,000 common units representing limited partner interests in the Partnership (the “Common Units”). The Common Units are included in a registration statement on Form S-1 under the Securities Act of 1933, as amended (the “Act”), initially filed with the Securities and Exchange Commission (the “Commission”) on March 27, 2013 (Registration No. 333-187582) (as amended, the “Registration Statement”). The term “Common Units” shall include any additional common units registered by the Partnership pursuant to Rule 462(b) under the Act in connection with the offering contemplated by the Registration Statement. This opinion is being furnished in connection with the requirements of Item 601(b)(5) of Regulation S-K under the Act, and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement or related prospectus, other than as expressly stated herein with respect to the issuance of the Common Units.

As such counsel, we have examined such matters of fact and questions of law as we have considered appropriate for purposes of this letter. With your consent, we have relied upon certificates and other assurances of officers of the general partner of the Partnership and others as to factual matters without having independently verified such factual matters. We are opining herein as to the Delaware Revised Uniform Limited Partnership Act (the “Delaware Act”) and we express no opinion with respect to any other laws.

Subject to the foregoing and the other matters set forth herein, it is our opinion that, as of the date hereof, when the Common Units shall have been issued by the Partnership against payment therefor in the circumstances contemplated by the form of underwriting agreement most recently filed as an exhibit to the Registration Statement and have been duly registered on the books of the transfer agent and registrar therefor in the name or on behalf of the purchasers,


July 15, 2013

Page 2

 

LOGO

 

then the issue and sale of the Common Units will have been duly authorized by all necessary limited partnership action of the Partnership, and the Common Units will be validly issued and, under the Delaware Act, purchasers of the Common Units will have no obligation to make further payments for their purchase of Common Units or contributions to the Partnership solely by reason of their ownership of Common Units or their status as limited partners of the Partnership, and no personal liability for the debts, obligations and liabilities of the Partnership, whether arising in contract, tort or otherwise, solely by reason of being limited partners of the Partnership.

This opinion is for your benefit in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant to the applicable provisions of the Act. We consent to your filing this opinion as an exhibit to the Registration Statement and to the reference to our firm in the Prospectus under the heading “Validity of the Common Units.” We further consent to the incorporation by reference of this letter and consent into any registration statement filed pursuant to Rule 462(b) with respect to the Common Units. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission thereunder.

Very truly yours,

/s/ Latham & Watkins LLP