Philips 66 Makes Remaining Funding Resolution to Convert San Francisco Refinery to Renewable Gasoline Facility – Philips 66


It is going to be one of many largest services of its form on the planet; Business operations are anticipated to start within the first quarter of 2024

HOUSTON (BUSINESS WIRE) – Philips 66 (NYSE:PSX) made a last funding resolution Wednesday to maneuver ahead with Rodeo Renewed, which is able to remodel its San Francisco refinery in Rodeo, Calif., into one of many world’s largest renewable fuels. undertaking to transform. services. The undertaking, which just lately acquired approval from Contra Costa County, is predicted to value roughly $850 million and start business operation within the first quarter of 2024.

“Rodeo Renew performs a serious function in serving to us scale back our carbon footprint as we proceed to offer dependable, reasonably priced vitality,” mentioned Greg Garland, President and CEO, Philips 66. “This can be a undertaking that can assist meet rising demand for low-carbon fuels, protect jobs and assist California in reaching its local weather objectives. It’s a nice instance of how Philips 66 is a sustainable vitality supply.” Making significant investments sooner or later that may create long-term worth for our shareholders.”

Upon completion of the rodeo refurbishment, the transformed facility will not course of crude oil and can as a substitute produce an preliminary 800 million gallons per yr (over 50,000 barrels per day) of renewable transportation gas from waste oils, fat, Grease and vegetable oils might be used. Diesel, renewable gasoline and sustainable aviation gas. The manufacturing of those fuels is estimated to cut back lifecycle carbon emissions by about 65% – the equal of eradicating 1.4 million vehicles from California’s roads annually. Rodeo Renewed can be anticipated to chop on-site norm pollutant emissions by 55% and use 160 million gallons of water per yr.

The scope of the undertaking consists of the development of pre-treatment items and the reuse of current hydrocarbon items to allow the manufacturing of renewable fuels. The transformed facility will leverage its versatile logistics infrastructure to safe renewable feedstocks from native, home and worldwide sources and provide renewable fuels to California and different markets.

The power conversion will create 500 development jobs and protect greater than 650 jobs, together with full-time workers and contractors. It’s set to assist the state meet its demand for transportation gas whereas serving to it obtain its environmental objectives.

Philips 66. about

Philips 66 (NYSE:PSX) manufactures, transports and markets the merchandise that drive the worldwide financial system. The diversified vitality firm’s portfolio consists of midstream, chemical compounds, refining and advertising and specialty companies. Headquartered in Houston, Philips 66 has workers from around the globe who’re dedicated to offering vitality and bettering lives safely and reliably whereas pursuing a low-carbon future. For extra info, go to phillips66.com or comply with @Phillips66Co on LinkedIn or Twitter,

WARNING STATEMENT FOR THE PURPOSES OF THE PROVISIONS OF THE “SAFE HARB”

The Personal Securities Litigation Reform Act of 1995

This information launch comprises sure forward-looking statements throughout the that means of part 27A of the Securities Act, 1933, as amended, and part 21E of the Securities Change Act of 1934, supposed to be coated by secure harbors. Due to which. Phrases and phrases equivalent to “estimated,” “estimated,” “anticipated,” “deliberate,” “scheduled,” “focused,” “believed,” “continued,” “supposed,” “will,” “will,” “aims” , “targets,” “initiatives,” “efforts,” “methods” and related expressions are used to determine such forward-looking statements. Nonetheless, the absence of those phrases doesn’t imply {that a} assertion is just not forward-looking. Ahead-looking statements contained on this information launch are primarily based on administration’s expectations, estimates and estimates as of the date they’re made. These statements are usually not ensures of future efficiency and you shouldn’t depend on them unnecessarily as they contain sure dangers, uncertainties and assumptions which might be tough to foretell. Subsequently, precise outcomes and outcomes might differ materially from these expressed or forecast in such forward-looking statements. Components that would trigger precise outcomes or occasions to vary materially from these described within the forward-looking statements embody: the shortcoming to acquire or preserve permits within the well timed method required for capital initiatives; Adjustments in worldwide authorities insurance policies referring to renewable fuels and greenhouse gasoline emissions that adversely have an effect on applications such because the Renewable Gasoline Requirements Program, low-carbon gas requirements and tax credit for biofuels; Unexpected modifications in the price of constructing, modifying or working our services; dangers and uncertainties in relation to the actions of precise or potential competing suppliers and transporters of renewable fuels; Failure to finish development of capital initiatives on time and inside funds; incapacity to adjust to authorities rules or incur capital expenditures to take care of compliance; Excessive value of capital associated to restricted entry to capital or liquidity or uncertainty in home or worldwide monetary markets; Potential disruption of our operations attributable to accidents, climate occasions, together with local weather change, terrorism or cyber assaults; normal home and worldwide financial and political developments involving armed hostilities, possession of property, and different political, financial or diplomatic developments, together with these brought on by public well being points and worldwide financial situations and alternate controls; Adjustments in authorities insurance policies referring to renewable gas pricing, regulation or taxation, together with exports; Required funding, or discount in demand for merchandise, on account of environmental guidelines and rules; modifications to tax, environmental and different legal guidelines and rules (together with various vitality mandates); Political and social issues about local weather change that would end in modifications to our enterprise or elevated bills, together with litigation-related bills; and different financial, business, aggressive and/or regulatory elements affecting Philips 66’s companies are typically set forth in our filings with the Securities and Change Fee. Philips 66 is beneath no obligation (and expressly disclaims any such obligation) to replace or change its forward-looking statements, whether or not on account of new info, future occasions or in any other case.


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Jeff Dietert (investor)

832-765-2297

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Shannon Holly (investor)

832-765-2297

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Thaddeus Herrick (media)

855-841-2368

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Supply: Philips 66





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