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Phillips 66 posts first profit in a year on rebound of fuel demand due to easing of pandemic-related travel curbs

August 04/2021

MOSCOW (MRC) -- US refiner Phillips 66 posted an adjusted quarterly profit, its first in a year, benefiting from a rebound in fuel demand due to the easing of pandemic-related travel curbs, reported Reuters.

Adjusted earnings came in at USD329 million, or 74 cents per share, for the three months ended June 30, compared with a loss of USD509 million, or USD1.16 per share, in the first quarter.

As MRC informed previously, Worley has been recently awarded a front-end engineering services contract by Phillips 66 to convert its San Francisco refinery in Rodeo, California, USA into a renewable fuels-manufacturing facility. Under the contract, Worley will provide front-end engineering design services for the facility, which will be executed by Worleys North America West team with support from Worleys Global Integrated Delivery team.

Besides, in October 2020, Phillips 66 said it plans to reconfigure its refinery in Rodeo, California to produce renewable fuels from used cooking oil, fats, greases and soybean oils.

We remind that US-based Phillips 66 remains open to developing another ethane cracker for its Chevron Phillips Chemical (CP Chem) joint venture, the refiner's CEO said in March 2018.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated polyethylene (PE) consumption totalled 356,370 tonnes in the first two month of 2021, down by 9% year on year. Shipments of exclusively low density polyethylene (LDPE) increased. At the same time, polypropylene (PP) shipments to the Russian market was 246,870 tonnes in January-February 2021, up by 30% year on year. Supply of homopolymer PP and PP block copolymers increased.

Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the companys master limited partnership, is integral to the portfolio. Headquartered in Houston, the company has 14,300 employees committed to safety and operating excellence. Phillips 66 had USD55 billion of assets as of Dec. 31, 2020.


mrcplast.com
Author:Margaret Volkova
Tags:PP, PE, crude and gaz condensate, propylene, ethylene, petrochemistry, recikling, Chevron Phillips, Phillips 66, USA.
Category:General News
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