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Markets News

CORRECTED-Phillips 66 will continue to delay full restart Alliance refinery until margins improve - company

(Corrects refinery from St. Charles to Alliance, location, name of hurricane to Sally instead of Laura)

Oct 30 (Reuters) - The market will dictate when Phillips 66 brings all units back online at the 260,000 barrel per day the Belle Chasse refinery that were shut in August ahead of Hurricane Sally’s landfall, company executives said on Friday during its third quarter earnings call.

Phillips 66 said that crude utilization at its refineries was 77% in third quarter of 2020, up from 75% in prior quarter.

The company’s refineries processed crude in mid-60% range in October due to downtime at the Lake Charles and Alliance refineries in Louisiana.

Phillips 66 did not give guidance on what rates it would run its refineries at in the coming quarters. (Reporting by Laura Sanicola)

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