Phillips 66 Benefits from Strong Fuel Demand in Third Quarter

Researched by Industrial Info Resources (Sugar Land, Texas)--Phillips 66 (NYSE:PSX) (Houston, Texas) benefited from strong fuel demand amid tight supplies in third-quarter 2022, while its natural gas liquids (NGL) midstream business saw the startup of a fractionation unit at its refinery in Sweeny, Texas. Industrial Info is tracking more than $3.75 billion worth of active projects from Phillips 66.

The company announced third-quarter 2022 earnings of $5.4 billion, compared with $402 million in third-quarter 2022.

"Third-quarter results reflect a continued favorable market environment, as well as strong operating performance and improved market capture," said Mark Lashier, the chief executive officer of Phillips 66, in a press release. He added: "Our Sweeny Frac 4 started up on time and under budget. With this latest expansion, we are now processing over 550,000 barrels per day of natural gas liquids at our Sweeny Hub."

Subscribers to Industrial Info's Global Market Intelligence (GMI) Refinery Project Database can click here for the report on the Sweeny Frac 4 project and click here for the related plant profile.

Subscribers can click here for a list of detailed reports for all active Phillips 66 projects, and can click here for a list of related plant profiles.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).