Reports related to this article:
Project(s): View 5 related projects in PECWeb
Plant(s): View 5 related plants in PECWeb
Released January 31, 2022 | SUGAR LAND
en
Researched by Industrial Info Resources (Sugar Land, Texas)--Phillips 66 (NYSE:PSX) reported much better financial results in the final quarter of 2021 than it did in the corresponding period of 2020. The company reported earnings of $1.27 billion in fourth-quarter 2021, compared with a net loss of $539 million in the same quarter of 2020. Since the onset of the COVID-19 pandemic, Phillips 66 seems to have shifted investments away from certain midstream projects--namely pipelines--and conventional refining, and appears to be strengthening its spending in the Chemical Processing sector and focusing on lower-carbon fuels.
In Friday's conference call with analysts, Chief Operating Officer Mark Lashier discussed the company's current and future projects. Expected to be completed this year is a fourth natural gas liquids fractionator at Phillips 66's Sweeny Hub in Old Ocean, Texas. Garland said construction is 50% complete and the unit is expected to begin operations in the fourth quarter of this year. The 150,000-barrel-per-day (BBL/d) fractionator will bring total the site's total fractionation capacity to 550,000 BBL/d. Subscribers to Industrial Info's Global Market Intelligence (GMI) Refining Project Database can click here for the detailed report.
In its Refining segment, Phillips 66's largest project is the conversion of the Rodeo Refinery near San Francisco, California, to produce renewable diesel, known as the "Rodeo Renewed" project. While the company completed the conversion of a diesel hydrotreater at the refinery last year, the bulk of the work is expected to kick off later this year. Garland said, "Upon completion, Rodeo will initially have over 50,000 BBL/d of renewable fuel production capacity. The conversion will reduce emissions from the facility and produce lower-carbon transportation fuels." The project is expected to be completed in 2024. Subscribers can click here for the project report.
Like other refiners with chemical capabilities, Phillips 66 is increasingly focusing on this aspect of its business through its part of Chevron Phillips Chemical Company (CPChem) (The Woodlands, Texas), its joint venture with Chevron Corporation (NYSE:CVX) (San Ramon, California). "CPChem is investing in a portfolio of high-return projects growing its asset base as well as optimizing its existing operations," said Garland. This includes growing its alpha-olefins business with a new world-scale unit to produce 1-hexene, a critical component in high-performance polyethylene, at its Sweeny Hub. The unit will be able to produce approximately 266,000 tons per year. Subscribers to Industrial Info's Chemical Processing Project Database can click here for the project report.
"CPChem is also expanding its propylene-splitting capacity by 1 billion pounds per year with a new unit located at its Cedar Bayou [Texas] facility," said Garland. The unit is expected to start up in 2023. Subscribers can click here for the project report.
CPChem has plans to build world-scale petrochemical complexes at an undecided location on the Texas Gulf Coast and in Ras Laffan, Qatar, to produce ethylene and polyethylene. For more information, see January 24, 2022, article - ExxonMobil, SABIC Complete Texas Ethylene Plant, but What Else Is on the Books?
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 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.
In Friday's conference call with analysts, Chief Operating Officer Mark Lashier discussed the company's current and future projects. Expected to be completed this year is a fourth natural gas liquids fractionator at Phillips 66's Sweeny Hub in Old Ocean, Texas. Garland said construction is 50% complete and the unit is expected to begin operations in the fourth quarter of this year. The 150,000-barrel-per-day (BBL/d) fractionator will bring total the site's total fractionation capacity to 550,000 BBL/d. Subscribers to Industrial Info's Global Market Intelligence (GMI) Refining Project Database can click here for the detailed report.
In its Refining segment, Phillips 66's largest project is the conversion of the Rodeo Refinery near San Francisco, California, to produce renewable diesel, known as the "Rodeo Renewed" project. While the company completed the conversion of a diesel hydrotreater at the refinery last year, the bulk of the work is expected to kick off later this year. Garland said, "Upon completion, Rodeo will initially have over 50,000 BBL/d of renewable fuel production capacity. The conversion will reduce emissions from the facility and produce lower-carbon transportation fuels." The project is expected to be completed in 2024. Subscribers can click here for the project report.
Like other refiners with chemical capabilities, Phillips 66 is increasingly focusing on this aspect of its business through its part of Chevron Phillips Chemical Company (CPChem) (The Woodlands, Texas), its joint venture with Chevron Corporation (NYSE:CVX) (San Ramon, California). "CPChem is investing in a portfolio of high-return projects growing its asset base as well as optimizing its existing operations," said Garland. This includes growing its alpha-olefins business with a new world-scale unit to produce 1-hexene, a critical component in high-performance polyethylene, at its Sweeny Hub. The unit will be able to produce approximately 266,000 tons per year. Subscribers to Industrial Info's Chemical Processing Project Database can click here for the project report.
"CPChem is also expanding its propylene-splitting capacity by 1 billion pounds per year with a new unit located at its Cedar Bayou [Texas] facility," said Garland. The unit is expected to start up in 2023. Subscribers can click here for the project report.
CPChem has plans to build world-scale petrochemical complexes at an undecided location on the Texas Gulf Coast and in Ras Laffan, Qatar, to produce ethylene and polyethylene. For more information, see January 24, 2022, article - ExxonMobil, SABIC Complete Texas Ethylene Plant, but What Else Is on the Books?
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 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.
