Friday, September 13, 2013

Phillips 66 CEO Presents At Barclays CEO Energy-Power Conference Highlights

At SeekingAlpha.

Focus:
  • running the company
  • infrastructure development around the shales
  • opportunity for chemicals clearly are growth avenues for PSX
Distributions are fundamentals of who PSX is
  • plan to increase the dividend every year for next ten years
  • will increase dividend in 2013
A $3 billion share repurchase program underway

Transportation
  • acquired 2,000 railcars
  • acquired two John Jack ships
  • acquired one unit train
  • acquired one loading facility
  • unloading facilities at Bayway, Ferndale under construction
  • looking at a new unloading facility, Santa Maria, CA
Storage facilities (PSXP = PSX's MLP)
  • building a 500,000 bopd tank at Los Angeles to import crude for LA refineries
Future
  • PSX thinks diesel demand will grow 2.5 times; gasoline demand will also grow globally
  • Asia is not core to PSX portfolio; of 15 refineries, 11 are in the US
  • looking to build more rail to bring Canadian crude to California
  • ultimately Bayway will be "on a diet" of Bakken and Eagle Ford crudes
  • geographic coast markets of Latin and South America will offset declines in US (400K bopd)
Much more at the link.  I only note what I'm interested in. Lots on chemical, of course, which I am not interested in for the blog.

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