Activist investor Elliott Investment Management on Wednesday unveiled a $1 billion stake in US refiner Phillips 66, calling for an overhaul of its board and criticizing management for “overlooking” the refining business.
Phillips 66 is the third largest independent refiner in the United States and owns eight refining complexes across the country. Two other US refineries, Wood River and Borger, are owned by a 50% joint venture between Phillips 66 and Canada’s Cenovus Energy.
Below are details of all refineries owned or operated by Phillips 66:
American refineries:
Wood River, Roxana, Illinois, refining capacity: 356 thousand barrels per day
The largest Philips 66 refinery in terms of operational capacity. It produces gasoline, diesel, jet fuel, petrochemical feedstocks, asphalt and coke. The refinery, built in 1917 and covering approximately 2,200 hectares, is a major fuel supplier to the mid-American region.
Borger, Borger, Texas, capacity: 149 thousand barrels per day
It manufactures transportation fuels, petrochemical coke, sulfur, natural gas liquids and solvents. The refinery was built in 1926 and distributes products in West Texas, New Mexico, Colorado and the Mid-Continent region.
Sweeney, Old Ocean, Texas, capacity: 265 thousand barrels per day
It mainly produces transportation fuel. It also produces petrochemical raw materials, heating oil and coke. Purchased in 1947 by Philips 66 Company. Products are supplied to the mid-continent, southeastern and eastern United States. This refinery’s exports go mainly to Latin America.
Lake Charles, Westlake, Louisiana, capacity: 264 thousand barrels per day
It produces transportation fuel, off-road diesel, home heating oil and raw materials for lubricating oils. Products are sourced in the southeastern and eastern United States and exported to Latin America and Europe.
Bayway, Linden, New Jersey, capacity: 258,500 barrels per day
Bayway is located in New York Harbor and produces transportation fuels, residual fuel oil, heating oil, and petrochemical feedstocks. Refined products are distributed throughout the East Coast.
Ponca City, Ponca City, Oklahoma, Capacity: 208,000 barrels per day
The refinery, built in 1918, produces transportation fuels and coke that are primarily distributed in the mid-continent region.
Los Angeles: Carson and Wilmington, California, capacity: 139 thousand barrels per day.
Two pipeline-connected sites produce California Air Resources Board-grade gasoline and fuel-grade petroleum coke. Delivers fuel in California, Nevada and Arizona.
Ferndale, Ferndale, Washington: 105 thousand barrels per day
It produces transportation fuels and small quantities of residual fuel oil for customers in the northwestern United States.
Billings, Billings, Montana, capacity: 66 thousand barrels per day
It produces transportation fuels distributed to customers in Montana, Wyoming, Idaho, Utah, Colorado and Washington. It also produces fuel grade petroleum coke.
*San Francisco: Santa Maria, Wilmington, CA, and Rodeo, Rodeo, CA Capacity: 120,200 barrels per day.
Phillips 66’s San Francisco operations consist of two locations: the Santa Maria Refinery in Wilmington, California and the Rodeo Refinery in Rodeo, California. Santa Maria was closed in February as part of Phillips 66’s plans to convert the complex to renewable diesel production.
International refineries:
Humber, North Lincolnshire, UK, total processing capacity: 245,000 barrels per day
It produces transportation fuels, petrochemical raw materials, heating oil and coke. Light oils are mainly distributed in the United Kingdom, while other products are exported.
Merow, Karlsruhe, Germany, total processing capacity: 61 thousand barrels per day
It produces transportation fuels, petrochemical raw materials, heating oil, bitumen and coke. Delivers fuel in Germany, Switzerland, France and Austria.
*Note: San Francisco and other capacity data are based on data as of January 1, 2023, before the Santa Maria shutdown. The converted Rodeo refinery is expected to produce more than 50,000 barrels per day of renewable transportation fuel when completed in 2024.
Sources: Company data, US Energy Information Administration
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