A new macroscale model of a two-phase flow in porous media is suggested. It takes into consideration a typical configuration of phase distribution within pores in the form of a repetitive field of mobile menisci. These phase interfaces give rise to the appearance of a new term in the momentum balance equation, which describes a vectorial. field of capillary forces. To derive the model, a phenomenological approach is developed, based on introducing a special continuum called the Meniscus-continuum. Its properties, such as a unique flow velocity, an averaged viscosity, a compensation mechanism and a duplication mechanism, are derived from a microscale analysis. The closure relations to the phenomenological model are obtained from a theoretical model of stochastic meniscus stream and from numerical simulations based on network models of porous media. The obtained transport equation remains hyperbolic even if the capillary forces are dominated, in contrast to the classic model which is parabolic. For the case of one space dimension, the analytical solutions are obtained, which manifest non-classical effects as double displacement fronts or counter-current fronts.