At the Goldman Sachs Energy, CleanTech & Utilities Conference, Phillips 66 executives outlined their key initiatives for 2026, focusing on refining optimization and portfolio resilience. The company plans to advance its project pipeline by completing deferred maintenance turnarounds at three major refineries by mid-year, targeting a combined throughput increase of 150,000 barrels per day. Leadership emphasized capital discipline, with a planned 5% reduction in upstream feedstock costs through expanded supply agreements and enhanced crude sourcing flexibility.

Chief Financial Officer Kevin Mitchell confirmed that Phillips 66’s Sweeny and Bayway refineries on the U.S. Gulf Coast can each process up to 50,000 barrels per day of Venezuelan heavy crude once sanctions are lifted, totaling 100,000 barrels per day of capacity. This capability leverages the company’s proprietary coker and hydrocracking units, positioning Phillips 66 to capture potential arbitrage opportunities should Venezuelan production ramp up under new U.S. oversight.

Phillips 66 agreed to acquire the Lindsey Oil Refinery assets from a European operator, pending regulatory approval, for an undisclosed sum. The integration with its existing Humber Refinery network is expected to bolster UK refining capacity by 180,000 barrels per day and support over 400 direct jobs. Management projects that the transaction, which targets closing in Q3 2026, will add $200 million in annualized EBITDA once synergies are fully realized.