Phillips 66 to Double Fuel Exports

The refiner plans to take advantage of higher overseas prices, joining other U.S. refiners.

May 03, 2012

NEW YORK - In the wake of surging U.S. oil production but waning demand, Phillips 66 Co. plans to double its fuel exports in the next two years, the Wall Street Journal reports.

Chairman and CEO Greg Garland said Phillips 66 already exports about 100,000 barrels per day of refined products overseas, but by 2014, the company will export between 200,000 to 220,000 barrels a day, mainly to Europe and Latin America, where they will receive higher prices than in the U.S.

Phillips?? plans pattern those of other U.S. refiners, as overall fuel exports are expected to double by 2015, according to research firm Wood Mackenzie.

The trend is already materializing: Last year was the first since 1949 that the U.S. exported more gasoline, diesel, and other fuels than it imported, according to the U.S. Energy Information Administration.

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