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Phillips 66 refineries to run in between low to mid 90% variety capacity in Q4 2024

U.S. crude oil refiner Phillips 66 plans to run its refineries in the low to mid90% range of integrated capacity of 1.5 million barrels per day in the fourth quarter, Chief Financial Officer Kevin Mitchell stated on Tuesday throughout a teleconference with experts.

This month, Phillips 66 revealed plans to completely shut its 139,000-bpd Los Angeles refinery in 2025.

Chief Executive Mark Lashier stated the choice was based on long-lasting review and not on recent requirements for refiners to keep emergency fuel supply on hand as well as go through evaluations of their profits by the California authorities.

The refinery, if you think back historically, was originally developed to process in-state California crude production, which's decreased by about 75%, Lashier stated.

Decreasing motor fuel demand integrated with a state policy to move automobiles far from fossil fuels make California a. quite challenging refining market going forward, Lashier said.

Valero Energy Corp said last week it was considering. all choices for its Los Angeles and San Francisco-area. refineries due to the challenges in West Coast markets.

Phillips 66 anticipates its full-year 2024 refinery. turnaround expense to be around $485 million to $495 million, a. decrease of more than $100 million from previous assistance,. Mitchell stated.

We've in fact gotten a lot more effective at our. execution through a number of efforts that we've put in. location with the turn-arounds and we're seeing the fruits of that. labor come through now, Mitchell stated.

(source: Reuters)