PSX - Phillips 66 to convert Alliance refinery to oil export terminal

Phillips 66 (NYSE:PSX) says it plans to convert its Alliance refinery in Louisiana to a terminal facility next year, after weighing the cost to repair the refinery following Hurricane Ida. The storm damaged the 255K bbl/day, and several feet of water flooded the plant. The costly repairs combined with reported interest from non-refiners had prompted speculation that Alliance would not reopen as a crude oil refinery. Phillips 66 said even before the hurricane that it would seek to sell the refinery. Phillips 66 recently reported better than expected Q3 earnings and $2.2B of operating cash flow.

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Phillips 66 to convert Alliance refinery to oil export terminal