Refiner Phillips 66 Enters U.S. Offshore Oil Export Race

By Collin Eaton HOUSTON, June 19 (Reuters) - U.S. oil refiner Phillips 66 is proposing a deepwater crude export terminal off the U.S. Gulf Coast, challenging at least eight other projects aiming to send U.S. shale oil to world markets, according to a memo and a source who asked not to be named. The project, called Bluewater Texas Terminal LLC, signals another major expansion … [Read more...]

Phillips 66 to Spend Billions on Midstream Expansion

By Zain Shauk July 30 (Bloomberg) -- Phillips 66, the refining company that saw its shares drop last month on news of expanded U.S. oil exports, said second-quarter profit declined 9.9 percent as it began to focus more on making chemicals and transporting fuel. Net income fell to $863 million, or $1.51 a share, from $958 million, or $1.53, a year earlier, the … [Read more...]

Cheaper Crude And Fuel Exports Help U.S. Refiners’ Profits

By Kristen Hays and Anna Driver HOUSTON, Jan 29 (Reuters) - Marathon Petroleum Corp, Valero Energy Corp and Phillips 66, the three largest U.S. independent refiners, reported quarterly results on Wednesday that topped Wall Street estimates as cheaper crude prices and rising exports helped profits. Sour crudes from Mexico, Saudi Arabia, Texas and the U.S. Gulf of Mexico … [Read more...]