PSX - Phillips 66 (PSX) Presents at BofA Securities Refining Conference Transcript
2024-03-14 17:41:03 ET
Phillips 66 (PSX)
BofA Securities Refining Conference
March 14, 2024, 12:45 PM ET
Company Participants
Rich Harbison - EVP, Refining
Jeff Dietert - VP, IR
Conference Call Participants
Douglas Leggate - Bank of America
Presentation
Douglas Leggate
Folks, we're going to try and get back on schedule. I'm sorry, we're running just a few minutes late. So say the best the last, I guess, right? [Indiscernible] No joking aside. Thanks very much indeed for being here guys. Jeff Dietert, Head of Investor Relations shouldn't be it's been just any of you. A worthy competitor some years ago, went to the dark side and has been a big supporter of our conference for all the years have been doing. So Jeff, thanks very much for being here.
Rich Harbison who, of course, runs the refining business. Probably the topic de jure as it relates to a lot of things that have happened in the last year or so, I guess, we don't want to mention the Elliott situation, but I think that was certainly a factor, but you guys got well in front of that with the targets that you laid out. So I want to get into some of those things. We'll give the audience a chance to ask some questions as well. But I wonder if I could just ask you guys. So maybe just ask you guys to give you a little bit of a state of the union, but I want to set up a little bit for you. And Jeff and I had a chance to sit down in Houston a couple of weeks ago. So it shouldn't surprise him at all.
But the theme of our conference this year is that two years ago, we published a report called the regional gold major refining, and it was anchored on cost advantage and capacity closures in the U.S. This year, what we're trying to figure out is, are we entering a period where we've got elevated volatility as a new normal fire highs, fire lows and therefore, another step up in the higher mid-cycle. And how are you positioned to navigate that. So that's kind of the high-level theme. But why don't we do a state of the union first on Phillips and then we'll get into some of those questions.
Rich Harbison
Okay. Doug, thanks for the invite here. Sound check, okay? Okay. Good. Thanks. So for those of you that maybe aren't as familiar with Phillips 66. We're a diversified and integrated downstream company, and that's what we like to label ourselves as. And really frame up how we operate the business. That diversification and then that integration are key to our strategies to increase shareholder value....
Phillips 66 (PSX) Presents at BofA Securities Refining Conference Transcript