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Phillips 66 CEO: Bringing Mississippi Lime Crude to Oklahoma Refinery

Downstream Today -- Phillips 66 (PSX) will spend up to $1.5 billion in capital in 2012, mainly to increase the amount of crude its refineries take from the North American Mid-continent region, the company said Wednesday.

Refiners in the U.S. are working to bring more crude oil from south Texas, North Dakota and other regions to their refinery gates. A boom in U.S. oil production, led by advances in drilling technology, has made such crude oil cheaper than that imported into coastal regions.

"We're looking at pipeline, rail, truck and barge--any way we can get advantaged crude there," Phillips 66 Chief Executive Greg Garland said during a call with investors.

Phillips 66 is bringing crude oil from the Mississippi Lime shale formation to its 198,000-barrel-a-day refinery in Ponca City, Okla.


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Submitted Aug 06, 2012 By: GasPasserAB
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Phillips 66 CEO: Bringing Mississippi Lime Crude to Oklahoma Refinery Back to Topics
REPLIES (newest first) Post a Reply
LetemEatCake
Champion Author Oklahoma City

Posts:5,705
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Message Posted: Aug 8, 2012 12:33:11 AM


Downstream Today is a Big Oil/Gas mouthpiece. No wonder people are confused by the rhetoric.
sparky808
Champion Author Honolulu

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Message Posted: Aug 7, 2012 1:18:37 PM

Thank you for posting.
bston
Champion Author Oklahoma City

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Message Posted: Aug 7, 2012 12:47:21 AM

Prob will all wind up in Mexico.
AnObserver
Champion Author New Jersey

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Message Posted: Aug 6, 2012 2:45:00 PM

Domestic production is good
19sheldon43
Champion Author Los Angeles

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Joined:Jul 2009
Message Posted: Aug 6, 2012 2:19:42 PM

Don't see how oil gets anywhere seems like all they do is move to point A to point B and back again. It's like they are trying to make it confusing
bjdorval
Champion Author Quebec

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Message Posted: Aug 6, 2012 2:17:13 PM

Looks like the MBA's at Phillips 66 have been working overtime at their computers.
gvan
Champion Author Chicago

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Message Posted: Aug 6, 2012 2:11:59 PM

"What about the new refinery in Elk Point, SD ?"

Won't be completed until 2014.
ItisAJeepThing
Champion Author Tucson

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Message Posted: Aug 6, 2012 2:10:05 PM

The United States is the world's third largest producer of oil (thanks to the President) and is the world's largest producer of natural gas.

Refine American oil here and make it illegal to export any American refined fuel to overseas markets.

Can we get Big Oil out of Republican politician's pockets?? Important objective.
goodbuy
Champion Author Michigan

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Message Posted: Aug 6, 2012 2:09:47 PM

WOW!! A pipeline.
evey315
Sophomore Author Ohio

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Message Posted: Aug 6, 2012 2:08:56 PM

Good for all of us
gvan
Champion Author Chicago

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Message Posted: Aug 6, 2012 2:08:46 PM

Are they bringing crude from Texas to Oklahoma? I thought there was a glut of oil in Oklahoma and they wanted the southern pipeline to send oil from Oklahoma to Texas refineries.
tobasco
Champion Author Los Angeles

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Message Posted: Aug 6, 2012 2:06:30 PM

Cha ching.
HawaiianGuy
Champion Author Idaho

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Message Posted: Aug 6, 2012 2:04:21 PM

Well, okay, but just don't continue refining this stuff and exporting it while keeping prices here at the pump high. Ha! Wishful thinking...
lightbulbman2008
Champion Author Worcester

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Message Posted: Aug 6, 2012 2:03:46 PM

will it help?
mikerroy
Champion Author Albuquerque

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Message Posted: Aug 6, 2012 2:00:32 PM

ok
BWJM
Champion Author KW

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Message Posted: Aug 6, 2012 1:57:56 PM

ok
singlemom27
Champion Author Ventura

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Message Posted: Aug 6, 2012 1:52:47 PM

And are they spending money on their refineries to assure they operate reliably with this increased capacity?
OCTAPA
Champion Author Toronto

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Message Posted: Aug 6, 2012 1:51:03 PM

Interesting......
99church
Champion Author Indiana

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Message Posted: Aug 6, 2012 1:44:42 PM

good for them
suzyq2007
Champion Author Dallas

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Message Posted: Aug 6, 2012 1:43:06 PM

this should be good for them
Mermaan
Champion Author Boston

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Message Posted: Aug 6, 2012 1:41:56 PM

cool?
TopGunn
Champion Author Baltimore

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Message Posted: Aug 6, 2012 1:41:21 PM

Doubt if associated costs will result in much money saving benefit to the consumer.
dsaine
Champion Author North Carolina

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Message Posted: Aug 6, 2012 1:39:26 PM

Ok
TXryder
Champion Author Texas

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Message Posted: Aug 6, 2012 1:37:46 PM

Lime crude... sounds tasty.
waterwerks
Veteran Author New Mexico

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Message Posted: Aug 6, 2012 1:37:34 PM

Don't get too excited just yet...lower prices if any are still a long way off and it will only be a few cents...not going to see a solid $.50 drop
seahawks
Champion Author Washington

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Message Posted: Aug 6, 2012 1:32:04 PM

ok!!!
tarheelcoastie
Champion Author Greensboro

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Message Posted: Aug 6, 2012 1:28:12 PM

Good! ... I hope!
CAD69
Champion Author Milwaukee

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Message Posted: Aug 6, 2012 1:26:16 PM

Its about time!
melvindale
Champion Author Michigan

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Message Posted: Aug 6, 2012 1:25:37 PM

Look at that. Good for the economy in all sorts of areas.

I wonder how much 2,000 rail cars cost? How fast can they make them? I sure as hell hope they are made in the US. If not, we missed another opportunity.
BurtB
Champion Author Los Angeles

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Message Posted: Aug 6, 2012 1:25:24 PM

The more oil available for processing, the cheaper the price will get.

Obama Does not seem to understand this (or does, but wants gas prices higher to reduce the amount that US citizens use)
RochBear
Champion Author Minnesota

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Message Posted: Aug 6, 2012 1:22:53 PM

If Obama will let them build it?!

Mitt would. Remember that in Nov.
bluetatanka
Champion Author Philadelphia

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Message Posted: Aug 6, 2012 1:21:02 PM

They got the money to do it.....yeah, our money!
frugalking
Champion Author Twin Cities

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Message Posted: Aug 6, 2012 1:20:18 PM

Okay.
danreino
Champion Author Twin Cities

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Message Posted: Aug 6, 2012 1:20:05 PM

What about the new refinery in Elk Point, SD ?
regout
Champion Author Quebec

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Message Posted: Aug 6, 2012 1:19:13 PM

Ok.
zaq001
Champion Author Atlanta

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Message Posted: Aug 6, 2012 1:18:15 PM

hmmmm....interesting.
eddyp94
Champion Author Ontario

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Message Posted: Aug 6, 2012 1:16:28 PM

Hope it works out...
manbig13
Champion Author Cleveland

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Message Posted: Aug 6, 2012 1:15:12 PM

ok
Sneakers55
Champion Author Houston

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Message Posted: Aug 6, 2012 1:14:26 PM

On Aug 6, 2012 11:59:25 AM, BrucePen wrote:

>Getting rid of Obama will help as well.

LOL Canada.

They can have a no-confidence vote to get rid of Harper and guess who got re-elected?

Talk about a dog returning to its vomit.
Ebaz
Champion Author Oklahoma City

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Message Posted: Aug 6, 2012 1:11:27 PM

Mo money!
TBRR
Champion Author Jacksonville

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Message Posted: Aug 6, 2012 1:10:31 PM

when you consider the cost of the investment and the dividends expected by the investors, do you really expect the price at the pump to go down?? the public is now used to high gas prices and continue to drive above the speed limit which wastes a lot of gas. they will continue to complain and keep to their ways. bad case of do as i say not what i do.

in god we trust
egd
Champion Author Twin Cities

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Message Posted: Aug 6, 2012 1:10:16 PM

our refined products are already us largest US export
renewables are the way to go
Sneakers55
Champion Author Houston

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Message Posted: Aug 6, 2012 1:09:52 PM

On Aug 6, 2012 11:57:54 AM, rippertoo wrote:

>Until they invent some problem that shuts down their refinery
>so prices can skyrocket up.

No oil company considers refinery shutdowns to be a good thing. Unless, of course, they're lying to the stockholders.
kuma2000
Champion Author Honolulu

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Message Posted: Aug 6, 2012 1:09:22 PM

as long as it beneifts the u.s.
ramman2012
Champion Author Edmonton

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Message Posted: Aug 6, 2012 1:07:39 PM

ok
IMLURCH
Champion Author Minnesota

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Message Posted: Aug 6, 2012 1:06:42 PM

And they will find what ever way to export it once refined. What a joke. We export more refined fuel then we import oil what is wrong with that?

[Edited by: IMLURCH at 8/6/2012 1:07:51 PM EST]
sydb7
Champion Author Atlanta

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Message Posted: Aug 6, 2012 1:06:34 PM

ok
5Golfer8
Champion Author Tucson

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Message Posted: Aug 6, 2012 1:03:28 PM

All I see is raising prices. THANKS OBAMA!
NashGas
Champion Author Nashville

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Message Posted: Aug 6, 2012 1:02:25 PM

Hotty Toddy!!
dan30thz28
Champion Author New Jersey

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Message Posted: Aug 6, 2012 12:59:55 PM

I doubt this will lower prices.
BrucePen
Champion Author Ontario

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Message Posted: Aug 6, 2012 12:59:25 PM

Good news.
Getting rid of Obama will help as well.
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