Phillips 66 enters the low-carbon fuels space with three major commercial projects

September 25, 2019 | Case Study

Phillips 66 is a multinational midstream and downstream oil and gas player, with the bulk of its operations in the U.S. In the U.S., the company operates 11 refineries with a combined capacity of 2,049 MBD and a network of retail stations under the Phillips 66, Conoco, and 76 brands. As with most U.S. refiners, Phillips 66's public activities in the low-carbon fuels space were primarily in Renewable Identification Number (RIN) purchasing under the requirement by the U.S. Environmental Protection Agency's Renewable Fuel Standard to meet blending mandates. Given that the company also operates two refineries in California, it is also active in the California Air Resources Board (CARB) Low Carbon Fuel Standard in order to achieve the required carbon intensity benchmarks for the fuels it sells in the market.