Phillips 66 plans to run refineries at mid-90% capacity in Q4
PSX•Phillips 66 plans to run its refineries in the mid-90% range of capacity in Q4 and expects refining margins to remain above historical normalized levels.
PSX•PSX•PSX•Phillips 66 plans to run its refineries in the mid-90% range of capacity in Q4 and expects refining margins to remain above historical normalized levels.
Phillips 66 said it plans to run refineries in the mid-90% range of capacity in Q4. It expects refining margins to normalize at higher levels in the near and medium term, and said a return to historical normalized margins would reduce the benefit by about $1 billion.
The company said the Western Gateway project will increase capital spending relative to previous levels and that it has a plan to grow midstream earnings by about 5% per year. It contracted 40 additional vessels at rates below the current freight market, expects a stronger freight market in Q4 than Q3, and sees a higher percentage of capital returns going to share buybacks in Q4.
