Phillips 66(PSX)2025-02-21 19:39Acquisitions and Investments - The company acquired Pinnacle Midland Parent LLC for cash consideration of 2.2 billion, pending regulatory approval[22]. - The company sold its 25% ownership interest in Gulf Coast Express Pipeline LLC on January 30, 2025[24]. - The company acquired a marketing business on the U.S. West Coast for $65 million to support renewable diesel placement[81]. Midstream Operations - The Midstream segment owns or holds partial interests in approximately 70,000 miles of pipeline systems and 39 refined petroleum product terminals as of December 31, 2024[20]. - The company’s total pipeline system includes various segments with a gross capacity of up to 750 MB/D for the Bakken Pipeline[27]. - The company owns or holds partial interests in major pipeline systems with a gross capacity of up to 942 MB/D, facilitating efficient transportation[42]. - The DCP Sand Hills and Southern Hills pipelines provide takeaway capabilities for gathering and processing operations in key U.S. regions[37]. - DCP Midstream, LP, in which the company holds an 86.8% interest, is one of the largest processors of natural gas and NGLs in the U.S.[36]. Refining Segment - The Refining segment includes 11 refineries located in the United States and Europe, refining crude oil into various petroleum products[19]. - The refining segment operates 11 refineries with a total net crude throughput capacity of 1,841 thousand barrels daily as of December 31, 2024[58]. - The Bayway Refinery produces a high percentage of transportation fuels and has a polypropylene plant with a capacity of 775 million pounds per year[61]. - The Humber Refinery is the only coking refinery in the UK, producing high-quality specialty graphite and anode-grade petroleum cokes[62]. - The MiRO Refinery, the largest in Germany, operates with a 19% interest and produces a high percentage of transportation fuels[63]. - The Lake Charles Refinery produces a high percentage of transportation fuels and exports refined products primarily to Latin America[64]. - The Sweeny Refinery has a significant output of transportation fuels and petrochemical feedstocks, distributed throughout the Midcontinent region[65]. - The Ferndale Refinery primarily serves the northwest U.S. market, producing a high percentage of transportation fuels and residual fuel oil[71]. - The company announced the intention to cease operations at the Los Angeles Refinery in the fourth quarter of 2025[73]. Renewable Fuels - The company established a Renewable Fuels operating segment, integrating renewable fuels activities previously reported in other segments[17]. - The Renewable Fuels segment processes renewable feedstocks at the Rodeo Renewable Energy Complex and Humber Refinery, managing regulatory credits and marketing renewable fuels[19]. - The Rodeo Complex can process approximately 50,000 B/D (800 million gallons per year) of renewable feedstocks into renewable fuels[90]. - A solar facility at the Rodeo Complex is expected to reduce grid power demand by 50% and avoid approximately 33,000 metric tons of CO2 emissions annually starting Q1 2025[91]. - The company delivered an initial 600,000 gallons of sustainable aviation fuel (SAF) in 2024 and has agreements to supply 3 million gallons of SAF through mid-2025[91]. - The company completed the conversion of its San Francisco Refinery into the Rodeo Complex during 2024, expanding renewable diesel production[90]. Chemicals Segment - The company has a 50% equity investment in Chevron Phillips Chemical Company LLC, which manufactures and markets petrochemicals and plastics globally[19]. - CPChem's ethylene production capacity reached 11,910 million pounds per year in the U.S. and 14,430 million pounds worldwide as of December 31, 2024[54]. - CPChem is building two world-scale petrochemical facilities, one in the U.S. Gulf Coast with a 4.6 billion pounds per year ethane cracker and two high-density polyethylene units with a combined capacity of 4.4 billion pounds per year, and another in Ras Laffan, Qatar, with similar capacities[55]. Storage and Transportation - As of December 31, 2024, the company has a total gross storage capacity of 16,500 MBbl at the Clemens facility in Texas, with a 100% ownership interest[44]. - The Sweeny Hub has a total fractionation nameplate capacity of 550,000 B/D, supporting the petrochemical industry and global markets[39]. - The Freeport LPG Export Terminal has a combined LPG export capacity of 260,000 B/D, enhancing the company's export capabilities[40]. - The company operates a fleet of approximately 8,900 owned or leased railcars to support distribution operations[34]. - The company has 13 international-flagged tankers and one Jones Act-compliant tanker under time charter contracts, enhancing its transportation capacity[33]. Corporate and Workforce - The company’s Corporate and Other segment includes investments in research of new technologies and business transformation restructuring costs[18]. - The company had approximately 13,200 employees as of December 31, 2024, focused on delivering energy and improving lives[94]. - The combined workforce total recordable rate (TRR) was 0.12 in 2024, which is 23 times better than the U.S. manufacturing average[98]. - The company focuses on employee engagement and development, conducting regular surveys to capture feedback on performance and culture[97]. - At December 31, 2024, the company held a total of 511 active patents in 16 countries, including 400 active U.S. patents[101]. Marketing Strategy - As of December 31, 2024, the company operated approximately 7,450 branded outlets in the U.S. and Puerto Rico[76]. - The company emphasizes a low-cost, high-volume approach in its European marketing strategy, with approximately 1,290 marketing outlets in Europe[84]. - The company has interests in 330 additional sites through its Coop joint venture operations in Switzerland[84].