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FINWIRES

Phillips 66 Runs Refineries at 95% of Capacity in Q1, Advances Multiple Projects

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Refiner and producer of chemicals and renewable fuels Phillips 66 (PSX) reported its operated refining capacity at 95% utilization in Q1 with a clean product yield of 87%, it said on Wednesday.

The company increased fractionation capacity at Sweeny NGL and Freeport LPG export dock capacity by 23% and 15% respectively, reflecting "debottlenecking" in 2025, according to its Q1 financial results.

Another advancement included progress on the Western Gateway Pipeline after a successful second open season that secured long-term shipper commitments.

There was also progress during the quarter on the construction of the Iron Mesa gas plant that has a 300 million cubic feet per day design capacity. It is scheduled to start up in Q1, 2027.

The company this month completed its acquisition of Lindsey Oil Refinery and logistics assets and it will use these to enhance its integrated business in the UK, it said.

It said it advanced towards full operations by 2027 at the Ras Laffan Polymers Project in Qatar and the Chemicals Golden Triangle Polymers project in Orange, Texas.

The chemicals segment of the business suffered from higher costs and lower volumes during the quarter mainly due to turnaround expenses.

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