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Phillips 66’s Rodeo Refinery to Transition to Renewable Fuel Phillips 66’s Rodeo Refinery to Transition to Renewable Fuel

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Phillips 66, traded under the ticker NYSE: PSX, announced on Wednesday its decision to cease crude oil processing at the Rodeo, California, refinery in February as part of the facility’s transition to renewable fuel production by the end of the first quarter.

The refinery decommissioned one crude unit the previous month but continued processing crude feedstocks in January. However, the company revealed that it would halt all oil processing activities in February during its post-earnings conference call.

Phillips 66 (PSX) outlined its schedule for the facility’s restructuring, including the commencement of one of the plant’s converted hydrocrackers in March, the completion of a pre-treatment unit and a second hydrocracker in April, and the commissioning of these units into May. Upon the unit’s full operation, the company plans to process lower carbon intensity feedstocks, such as fats, greases, and tallows, starting late in the second quarter through the third.

The Rodeo facility is anticipated to have an initial production capacity of over 50,000 barrels per day of renewable diesel, a target the company aims to achieve by the end of the second quarter.

Following a stronger-than-expected Q4 earnings report, Phillips 66 (PSX) witnessed a +1.3% increase in its stock price on Wednesday, propelled by robust refining margins.

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