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TheStreet Open House

Phillips 66 Supplying Fuel To Wholesale Customers In The Northeast

Stock quotes in this article: PSX

Phillips 66 (NYSE:PSX) is providing fuel products to wholesale customers in the Northeast, preparing to restore operations at its Bayway Refinery, and continuing cleanup efforts in response to an oil spill caused by Hurricane Sandy.

The company reopened its Linden, N.J., fuel terminal to wholesale customers on Friday, Nov. 2, and continues to ramp up service. The terminal is expected to return to full operation by the end of the week, and it is currently open for tanker truck loading on a 24-hour basis. Phillips 66 has adequate supplies of fuel on hand and has made arrangements to ensure fuel supplies will continue to be delivered to the terminal through third-party pipelines and marine transport.

Phillips 66 also has completed post-storm assessments at its 238,000 barrels-per-day Bayway Refinery in Linden, N.J., and expects the refinery to resume normal operations in two to three weeks.

After floodwater from the storm surge receded, Phillips 66 discovered oil had been spilled at the Bayway Refinery. The company immediately notified appropriate regulatory agencies and mobilized resources to clean up the spill. Approximately 185 barrels, or 7,700 gallons, of oil was spilled as a result of the storm surge. Phillips 66 will continue working with the U.S. Coast Guard and the New Jersey Department of Environmental Protection to complete the clean up.

Phillips 66 has accounted for all of its nearly 800 employees in the region, and all are safe. The company’s employees and contractors are focused on safely restoring operations.

More information and updates regarding the status of the company’s Northeast operations are available on Phillips 66’s Storm Center website: http://www.phillips66.com/EN/newsroom/stormcenter/Pages/index.aspx

About Phillips 66

Headquartered in Houston, Phillips 66 is an advantaged downstream energy company with segment-leading Refining and Marketing (R&M), Midstream and Chemicals businesses. The company has approximately 14,000 employees worldwide. Phillips 66’s R&M operations include 15 refineries with a net crude oil capacity of 2.2 million barrels per day, 10,000 branded marketing outlets, and 15,000 miles of pipeline systems. In Midstream, the company primarily conducts operations through its 50 percent interest in DCP Midstream, LLC, one of the largest natural gas gatherers and processors in the United States, with 7.2 billion cubic feet per day of gross natural gas processing capacity. Phillips 66’s Chemicals business is conducted through its 50 percent interest in Chevron Phillips Chemical Company LLC, one of the world’s top producers of olefins and polyolefins with more than 30 billion pounds of net annual chemicals processing capacity across its product lines. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.

Copyright Business Wire 2010

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