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UPDATE 1-Phillips 66 identifies non-core assets for possible sale -CEO

Reuters
·2 min read

(Adds CEO quotes)

HOUSTON, Oct 27 (Reuters) -

U.S. refiner and petrochemical manufacturer Phillips 66 has identified non-core assets for possible sale in 2024, Chief Executive Mark Lashier said during a conference call with Wall Street analysts to discuss third-quarter results.

"We will monetize $3 billion in non-core assets," Lashier said when listing the Houston company's goals for the coming year.

During the conference call, Lashier was asked if company executives had identified assets for a possible sale and what their expectations were from a sale.

"The answer to the first question is yes," Lashier said.

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"The answer to the second question is it really is a function of the market appetite," he added. "We understand the value that these assets provide us and they provide good value. So we've got to find willing buyers that have a greater affinity for those assets than we do. And so we're not in any rush."

Richard Harbison, Phillip 66's executive vice president of refining, said the company could continue refining crude oil at its 120,200 barrel-per-day (bpd) Rodeo, California refinery if there are delays in starting up a renewable diesel production conversion currently under construction.

Phillips 66 expects to complete construction on the conversion by the end of the first quarter of 2024.

A California judge ruled in August that the Contra Costa County Health Department must correct deficiencies in an environment impact report approving the conversion, but that construction could continue.

Harbison said the final, corrected report is expected in early 2024.

"We are committed to the start-up of the project," he said.

Phillips 66 also said on Friday that it plans to operate its refineries in the low-90% range of capacity during the fourth quarter of 2023.

The seven wholly-owned and two joint-venture refineries operated at 95% of their combined crude oil throughput capacity in the third quarter, the company said.

(Reporting by Erwin Seba; Editing by Rod Nickel)