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.