Phillips 66(US:PSX) Zhi Tong Cai Jing·2026-01-07 06:45Group 1 - Phillips66, one of the largest refiners in the U.S., indicates that the potential revival of Venezuela's oil industry will significantly benefit fuel producers reliant on heavy crude oil [1] - CEO Mark Lashier stated that refiners like Phillips66 could gain from increased Venezuelan exports and shifts in global trade flows, noting that Venezuela previously produced 3 million barrels of heavy crude oil per day [1] - The stock price of Phillips66 surged by 8.8% on Monday, with other refiners like Valero Energy also seeing stock price increases, as analysts believe heavy crude refiners are well-positioned to benefit from the rise in Venezuelan exports [1] Group 2 - A subsidiary of Venezuela's state oil company has participated in joint ventures, including collaboration with Phillips66 at the Sweeney refinery in Texas, which directly supplies crude oil to the facility [2] - Lashier anticipates more South American crude oil flowing to U.S. Gulf Coast refineries in the short term, which will compete with Canadian heavy crude and widen the price differential for North American oil types [5] - Phillips66's CFO Kevin Mitchell mentioned that the company can process hundreds of thousands of barrels of Venezuelan crude oil daily at its Sweeney and Lake Charles refineries, with all refineries combined capable of processing approximately 500,000 barrels of heavy crude oil daily [5] Group 3 - A shift in trade flows, with Venezuelan oil potentially redirected from China to the U.S., may intensify competition for Canadian crude oil [7] - Lashier noted that China would need to seek alternative crude oil supplies to fill the gap, potentially sourcing from the TMX pipeline, which has reached its capacity limit [7] - The U.S. may have opportunities to export more naphtha, a refining product used to dilute heavy crude oil, to Venezuela as the country will require more of it [7]