Phillips 66 is an advantaged downstream energy company, with segment-leading Refining and Marketing (R&M), Midstream and Chemicals businesses. The company’s R&M operations include 15 refineries with a net crude oil capacity of 2.2 million barrels per day, 10,000 branded marketing outlets, and 15,000 miles of pipeline systems. In Midstream, the company primarily conducts operations through its 50 percent interest in DCP Midstream, LLC, one of the largest natural gas gatherers and processors in the United States, with 7.2 billion cubic feet per day of gross natural gas processing capacity. Phillips 66’s Chemicals business is conducted through its 50 percent interest in Chevron Phillips Chemical Company LLC, one of the world’s top producers of olefins and polyolefins with more than 30 billion pounds of net annual chemicals processing capacity across its product lines.
- Continued focus on safety with low recordable incident rates across R&M, Midstream and Chemicals, with several additional sites awarded OSHA Voluntary Protection Program (VPP) certification.
- Significant progress on optimizing and high-grading R&M portfolio, with the disposition of several nonstrategic assets.
- Improvement in R&M return on capital employed (ROCE) through fourth consecutive year of increased clean product yield and completion of major projects, including the coker and refinery expansion (CORE) project at the Wood River Refinery.
- Enhanced global refinery utilization rates reaching 92 percent in 2011, well above industry average.
- Significant midstream growth markets identified with plans to begin construction on several plants, including in the Denver-Julesberg Basin and Eagle Ford play, along with plans to increase pipeline holdings and fractionation capacity.
- Successful completion of chemicals plant construction in Saudi Arabia and acquisition in Belgium, along with plans to build a world-scale ethane cracker in Baytown, Texas.