Investors who can't get enough of the ConocoPhillips (NYSE:COP) family may have another investment opportunity coming their way.  Phillips 66 (NYSE:PSX), the refining and marketing operation ConocoPhillips spun off earlier this year, announced today it is planning to form a master limited partnership for its transportation assets.

The energy industry is no stranger to the master limited partnership, as almost all midstream companies are structured as MLPs.  The tax-advantaged structure generates strong investment participation with its high yields and lucrative distributions. In fact, Phillips 66 already owns a 50% stake in the general partner of DCP Midstream Partners (NYSE:DCP), a Denver-based MLP.

The company is currently mulling which assets it will drop down into the new MLP. Possibilities include certain crude oil and products pipelines and terminals, its rail cars and infrastructure, and its natural gas liquids infrastructure.

Subject to board approval, Phillips 66 expects to file its IPO registration statement with the SEC by the end of the second quarter of 2013, with shares to begin trading by the second half of next year.