$PSX Phillips 66 (PSX +2.2%) is "maxed out" on
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Posted On: 07/29/2018 11:59:19 AM
$PSX
Phillips 66 (PSX +2.2%) is "maxed out" on heavy Canadian crude oil at its U.S. refineries and will not seek additional supply from a new pipeline, CEO Greg Garland says following the company's strong Q2 earnings beat.
• PSX is running more than 500K bbl/day of Canadian crude, Garland said during today's earnings conference call, “so we’re the largest importer of Canadian crude. We’re probably running at about 80% of it... so we’re kind of maxed out on Canadian heavy today.”
• PSX said on the call that its nine refineries would operate in the mid-90% range of their combined crude oil processing capacity of 1.65M bbl/day during Q3, and it plans no major turnaround overhauls for its refineries in the quarter.
Phillips 66 (PSX +2.2%) is "maxed out" on heavy Canadian crude oil at its U.S. refineries and will not seek additional supply from a new pipeline, CEO Greg Garland says following the company's strong Q2 earnings beat.
• PSX is running more than 500K bbl/day of Canadian crude, Garland said during today's earnings conference call, “so we’re the largest importer of Canadian crude. We’re probably running at about 80% of it... so we’re kind of maxed out on Canadian heavy today.”
• PSX said on the call that its nine refineries would operate in the mid-90% range of their combined crude oil processing capacity of 1.65M bbl/day during Q3, and it plans no major turnaround overhauls for its refineries in the quarter.
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