Company Report

Phillips 66 refining and oil products summary

10 November 2016

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10 November 2016

Phillips 66 refining and oil products summary

Report 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.

Executive summary
- SWOT analysis
- A downstream and midstream player spun off from ConocoPhillips
- Global strategy is to rebalance the business away from R&M and take full advantage of US tight oil...
- ...while Midstream is the key investment focus for growth
- Within Europe, R&M activities are focused on UK/Ireland and Germany/Austria
Financials
Portfolio summary
- European refining and marketing operations
- Refining
- Marketing
Refining and oil products
- Supply/demand
- Implications and outlook
Mergers and acquisitions