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Released May 01, 2017 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Phillips 66 (NYSE:PSX) (Houston, Texas) is keeping an eye on future project development in the wake of having recently completed major projects, including its liquefied petroleum gas (LPG) terminal in Freeport, Texas. In a conference call regarding the company's first-quarter 2017 performance, Chief Executive Officer Greg Garland discussed the operations of the LPG terminal and gave guidance on continuing projects across the company's segments. Industrial Info is tracking $2 billion in projects involving Phillips 66.
"Several of the largest projects we've been investing in over the last few years have now been completed or are almost complete," said Garland in the conference call. "The LPG export terminal at Freeport, Texas, which is part of our Sweeny Hub complex, was completed late last year. The facility operated to design capacity in the first quarter, and we're supplying customers in Europe, Latin America and Asia." The $1 billion project kicked off construction in early 2014 to help Phillips 66 meet growing international demand for U.S. butane and propane. The facility has a production and export capacity of 4.4 million barrels per month. For more information, see Industrial Info's project report.
Despite passing this major milestone, the company is involved in continued expansion in the area. "We're currently evaluating opportunities to build additional fractionation capacity at Sweeny and other Gulf Coast locations, and we expect to reach FID [final investment decision] later this year," said Garland, who also spoke about projects that are now under way.
"Our Beaumont Terminal expansion is ongoing. Recently, we added two million barrels of contracted crude storage," said Garland, adding that the company had made a final investment decision on adding another 2 million barrels of contracted crude storage at the site by 2018 and expected to add another 1.2 million barrels of product storage by mid-year. Construction on the $15 million project began recently and the first part of the project, which includes adding four storage tanks, is expected to be completed this summer. Chicago Bridge & Iron Company (NYSE:CBI) (The Hague, Netherlands) is acting as a contractor on the project. For more information, see Industrial Info's project report.
Garland also touched on activity at the company's refineries: "In refining, we're pursuing quick-return, high-payout projects. At the Billings [Montana] refinery, we're increasing heavy crude processing capability 100%. This project is expected to be finished later this quarter." The Billings project consists of several sub-projects, including a $110 million vacuum unit replacement, a $50 million FCC unit revamp, crude unit upgrades and a wastewater treatment plant expansion. Burns & McDonnell Incorporated (Kansas City, Missouri) is acting as engineering, procurement and construction (EPC) firm on the projects. The vacuum unit replacement project will replace the existing 25,000-barrel-per-day (BBL/d) unit with an approximately 35,000-BBL/d unit to recover a larger proportion of gasoline and diesel products. The FCC unit revamp will increase capacity of the 20,000-BBL/d unit by 2,000 to 4,000 BBL/d. For more information, see Industrial Info's project reports on the vacuum unit replacement, FCC unit revamp, crude units upgrade and wastewater treatment plant expansion.
Among the other Phillips 66 refining projects being tracked by Industrial Info is the $150 million FCC unit modernization at the company's Bayway Refinery in Linden, New Jersey. The company will revamp the existing 150,000-BBL/d FCCU to increase gasoline yields by 4,000 BBL/d and reduce emissions. Jacobs Engineering Group Incorporated (NYSE:JEC) (Dallas, Texas) is performing engineering services for the project, which is set to kick off this summer and be completed in the fourth quarter of this year. For more information, see Industrial Info's project report.
Phillips 66 reported first-quarter 2017 earnings of $535 million, compared with $385 million in first-quarter 2016.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
"Several of the largest projects we've been investing in over the last few years have now been completed or are almost complete," said Garland in the conference call. "The LPG export terminal at Freeport, Texas, which is part of our Sweeny Hub complex, was completed late last year. The facility operated to design capacity in the first quarter, and we're supplying customers in Europe, Latin America and Asia." The $1 billion project kicked off construction in early 2014 to help Phillips 66 meet growing international demand for U.S. butane and propane. The facility has a production and export capacity of 4.4 million barrels per month. For more information, see Industrial Info's project report.
Despite passing this major milestone, the company is involved in continued expansion in the area. "We're currently evaluating opportunities to build additional fractionation capacity at Sweeny and other Gulf Coast locations, and we expect to reach FID [final investment decision] later this year," said Garland, who also spoke about projects that are now under way.
"Our Beaumont Terminal expansion is ongoing. Recently, we added two million barrels of contracted crude storage," said Garland, adding that the company had made a final investment decision on adding another 2 million barrels of contracted crude storage at the site by 2018 and expected to add another 1.2 million barrels of product storage by mid-year. Construction on the $15 million project began recently and the first part of the project, which includes adding four storage tanks, is expected to be completed this summer. Chicago Bridge & Iron Company (NYSE:CBI) (The Hague, Netherlands) is acting as a contractor on the project. For more information, see Industrial Info's project report.
Garland also touched on activity at the company's refineries: "In refining, we're pursuing quick-return, high-payout projects. At the Billings [Montana] refinery, we're increasing heavy crude processing capability 100%. This project is expected to be finished later this quarter." The Billings project consists of several sub-projects, including a $110 million vacuum unit replacement, a $50 million FCC unit revamp, crude unit upgrades and a wastewater treatment plant expansion. Burns & McDonnell Incorporated (Kansas City, Missouri) is acting as engineering, procurement and construction (EPC) firm on the projects. The vacuum unit replacement project will replace the existing 25,000-barrel-per-day (BBL/d) unit with an approximately 35,000-BBL/d unit to recover a larger proportion of gasoline and diesel products. The FCC unit revamp will increase capacity of the 20,000-BBL/d unit by 2,000 to 4,000 BBL/d. For more information, see Industrial Info's project reports on the vacuum unit replacement, FCC unit revamp, crude units upgrade and wastewater treatment plant expansion.
Among the other Phillips 66 refining projects being tracked by Industrial Info is the $150 million FCC unit modernization at the company's Bayway Refinery in Linden, New Jersey. The company will revamp the existing 150,000-BBL/d FCCU to increase gasoline yields by 4,000 BBL/d and reduce emissions. Jacobs Engineering Group Incorporated (NYSE:JEC) (Dallas, Texas) is performing engineering services for the project, which is set to kick off this summer and be completed in the fourth quarter of this year. For more information, see Industrial Info's project report.
Phillips 66 reported first-quarter 2017 earnings of $535 million, compared with $385 million in first-quarter 2016.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
