Phillips 66 Focuses on Chemicals, Refinery Conversion

May 2, 2022--Researched by Industrial Info Resources (Sugar Land, Texas)--Phillips 66 (NYSE:PSX) (Houston, Texas) really had to do very little to improve its first-quarter results this year from last year, when Winter Storm Uri forced the shutdown of its facilities in Texas. Moving forward, Phillips 66 appears to have set aside pipeline projects that were put on hold at the onset of the COVID-19 pandemic and is focusing instead on its joint-venture chemical business with Chevron Corporation (NYSE:CVX) (San Ramon, California), Chevron Phillips Chemical Company (CPChem) (The Woodlands, Texas), and the conversion of a California refinery to produce renewable fuels.