Phillips 66 refining and oil products summary

Phillips 66, is the dedicated global downstream player spun out of ConocoPhillips in 2012. The rationale for the move to effectively create two separate companies for the upstream and downstream businesses is that both would benefit from pursuing their own strategic objectives as independent concerns rather than as an integrated whole. The company emphasises portfolio optimisation and margin improvement as its key levers, hence there is a shift in balance of the portfolio progressively away from Refining and Marketing towards the more profitable Midstream and Chemicals segments, while within each business segment there will be more ‘high grading' of assets. Within 'Refining', that means continued divestment of lower performing and non-core assets such the Whitegate refinery in Ireland, which was sold in 2016.