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Phillips 66 CEO: Bringing Mississippi Lime Crude to Oklahoma Refinery

Downstream Today -- Phillips 66 (PSX) will spend up to $1.5 billion in capital in 2012, mainly to increase the amount of crude its refineries take from the North American Mid-continent region, the company said Wednesday.

Refiners in the U.S. are working to bring more crude oil from south Texas, North Dakota and other regions to their refinery gates. A boom in U.S. oil production, led by advances in drilling technology, has made such crude oil cheaper than that imported into coastal regions.

"We're looking at pipeline, rail, truck and barge--any way we can get advantaged crude there," Phillips 66 Chief Executive Greg Garland said during a call with investors.

Phillips 66 is bringing crude oil from the Mississippi Lime shale formation to its 198,000-barrel-a-day refinery in Ponca City, Okla.

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Submitted Aug 06, 2012 By: GasPasserAB

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LetemEatCake Champion Author Oklahoma City Posts:5,667 Points:1,229,075 Joined:Mar 2008	Message Posted: Aug 7, 2012 9:33:11 PM Ignore LetemEatCake Report Abuse Downstream Today is a Big Oil/Gas mouthpiece. No wonder people are confused by the rhetoric.
sparky808 Champion Author Honolulu Posts:3,139 Points:624,685 Joined:Sep 2011	Message Posted: Aug 7, 2012 10:18:37 AM Ignore sparky808 Report Abuse Thank you for posting.
bston Champion Author Oklahoma City Posts:1,950 Points:669,015 Joined:Mar 2011	Message Posted: Aug 6, 2012 9:47:21 PM Ignore bston Report Abuse Prob will all wind up in Mexico.
AnObserver Champion Author New Jersey Posts:8,489 Points:2,284,505 Joined:Sep 2005	Message Posted: Aug 6, 2012 11:45:00 AM Ignore AnObserver Report Abuse Domestic production is good
19sheldon43 Champion Author Los Angeles Posts:3,979 Points:843,010 Joined:Jul 2009	Message Posted: Aug 6, 2012 11:19:42 AM Ignore 19sheldon43 Report Abuse Don't see how oil gets anywhere seems like all they do is move to point A to point B and back again. It's like they are trying to make it confusing
bjdorval Champion Author Quebec Posts:2,394 Points:1,161,655 Joined:Jul 2008	Message Posted: Aug 6, 2012 11:17:13 AM Ignore bjdorval Report Abuse Looks like the MBA's at Phillips 66 have been working overtime at their computers.
gvan Champion Author Chicago Posts:21,749 Points:2,863,015 Joined:Dec 2004	Message Posted: Aug 6, 2012 11:11:59 AM Ignore gvan Report Abuse "What about the new refinery in Elk Point, SD ?" Won't be completed until 2014.
ItisAJeepThing Champion Author Tucson Posts:20,020 Points:2,178,305 Joined:Oct 2006	Message Posted: Aug 6, 2012 11:10:05 AM Ignore ItisAJeepThing Report Abuse The United States is the world's third largest producer of oil (thanks to the President) and is the world's largest producer of natural gas. Refine American oil here and make it illegal to export any American refined fuel to overseas markets. Can we get Big Oil out of Republican politician's pockets?? Important objective.
goodbuy Champion Author Michigan Posts:7,806 Points:1,449,205 Joined:May 2005	Message Posted: Aug 6, 2012 11:09:47 AM Ignore goodbuy Report Abuse WOW!! A pipeline.
evey315 Sophomore Author Ohio Posts:219 Points:214,860 Joined:Feb 2012	Message Posted: Aug 6, 2012 11:08:56 AM Ignore evey315 Report Abuse Good for all of us
gvan Champion Author Chicago Posts:21,749 Points:2,863,015 Joined:Dec 2004	Message Posted: Aug 6, 2012 11:08:46 AM Ignore gvan Report Abuse Are they bringing crude from Texas to Oklahoma? I thought there was a glut of oil in Oklahoma and they wanted the southern pipeline to send oil from Oklahoma to Texas refineries.
tobasco Champion Author Los Angeles Posts:7,376 Points:2,130,835 Joined:Mar 2004	Message Posted: Aug 6, 2012 11:06:30 AM Ignore tobasco Report Abuse Cha ching.
HawaiianGuy Champion Author Idaho Posts:9,660 Points:3,105,615 Joined:May 2003	Message Posted: Aug 6, 2012 11:04:21 AM Ignore HawaiianGuy Report Abuse Well, okay, but just don't continue refining this stuff and exporting it while keeping prices here at the pump high. Ha! Wishful thinking...
lightbulbman2008 Champion Author Worcester Posts:420,345 Points:1,614,360 Joined:Oct 2008	Message Posted: Aug 6, 2012 11:03:46 AM Ignore lightbulbman2008 Report Abuse will it help?
mikerroy Champion Author Albuquerque Posts:2,691 Points:747,175 Joined:May 2005	Message Posted: Aug 6, 2012 11:00:32 AM Ignore mikerroy Report Abuse ok
BWJM Champion Author KW Posts:1,113 Points:303,780 Joined:Oct 2011	Message Posted: Aug 6, 2012 10:57:56 AM Ignore BWJM Report Abuse ok
singlemom27 Champion Author Ventura Posts:3,248 Points:666,910 Joined:Apr 2011	Message Posted: Aug 6, 2012 10:52:47 AM Ignore singlemom27 Report Abuse And are they spending money on their refineries to assure they operate reliably with this increased capacity?
OCTAPA Veteran Author Toronto Posts:495 Points:504,580 Joined:May 2011	Message Posted: Aug 6, 2012 10:51:03 AM Ignore OCTAPA Report Abuse Interesting......
99church Champion Author Indiana Posts:1,957 Points:388,765 Joined:Oct 2011	Message Posted: Aug 6, 2012 10:44:42 AM Ignore 99church Report Abuse good for them
suzyq2007 Champion Author Dallas Posts:7,291 Points:1,674,725 Joined:Oct 2007	Message Posted: Aug 6, 2012 10:43:06 AM Ignore suzyq2007 Report Abuse this should be good for them
Mermaan Champion Author Boston Posts:1,572 Points:421,235 Joined:Apr 2011	Message Posted: Aug 6, 2012 10:41:56 AM Ignore Mermaan Report Abuse cool?
TopGunn Champion Author Baltimore Posts:9,321 Points:2,643,005 Joined:Aug 2004	Message Posted: Aug 6, 2012 10:41:21 AM Ignore TopGunn Report Abuse Doubt if associated costs will result in much money saving benefit to the consumer.
dsaine Champion Author North Carolina Posts:3,150 Points:659,220 Joined:May 2011	Message Posted: Aug 6, 2012 10:39:26 AM Ignore dsaine Report Abuse Ok
TXryder Champion Author Texas Posts:2,849 Points:459,535 Joined:Jan 2012	Message Posted: Aug 6, 2012 10:37:46 AM Ignore TXryder Report Abuse Lime crude... sounds tasty.
waterwerks Veteran Author New Mexico Posts:349 Points:185,930 Joined:Mar 2012	Message Posted: Aug 6, 2012 10:37:34 AM Ignore waterwerks Report Abuse Don't get too excited just yet...lower prices if any are still a long way off and it will only be a few cents...not going to see a solid $.50 drop
seahawks Champion Author Washington Posts:3,321 Points:1,984,050 Joined:Sep 2005	Message Posted: Aug 6, 2012 10:32:04 AM Ignore seahawks Report Abuse ok!!!
tarheelcoastie Champion Author Greensboro Posts:5,321 Points:1,137,370 Joined:Jan 2009	Message Posted: Aug 6, 2012 10:28:12 AM Ignore tarheelcoastie Report Abuse Good! ... I hope!
CAD69 Champion Author Milwaukee Posts:3,341 Points:872,965 Joined:Nov 2010	Message Posted: Aug 6, 2012 10:26:16 AM Ignore CAD69 Report Abuse Its about time!
melvindale Champion Author Michigan Posts:1,438 Points:351,230 Joined:Jun 2011	Message Posted: Aug 6, 2012 10:25:37 AM Ignore melvindale Report Abuse Look at that. Good for the economy in all sorts of areas. I wonder how much 2,000 rail cars cost? How fast can they make them? I sure as hell hope they are made in the US. If not, we missed another opportunity.
BurtB Champion Author Los Angeles Posts:5,366 Points:1,388,870 Joined:Jun 2006	Message Posted: Aug 6, 2012 10:25:24 AM Ignore BurtB Report Abuse The more oil available for processing, the cheaper the price will get. Obama Does not seem to understand this (or does, but wants gas prices higher to reduce the amount that US citizens use)
RochBear Champion Author Minnesota Posts:10,549 Points:1,758,260 Joined:May 2006	Message Posted: Aug 6, 2012 10:22:53 AM Ignore RochBear Report Abuse If Obama will let them build it?! Mitt would. Remember that in Nov.
bluetatanka Champion Author Philadelphia Posts:59,030 Points:808,555 Joined:Mar 2011	Message Posted: Aug 6, 2012 10:21:02 AM Ignore bluetatanka Report Abuse They got the money to do it.....yeah, our money!
frugalking Champion Author Twin Cities Posts:1,067 Points:218,445 Joined:Mar 2010	Message Posted: Aug 6, 2012 10:20:18 AM Ignore frugalking Report Abuse Okay.
danreino Champion Author Twin Cities Posts:8,469 Points:1,563,535 Joined:Mar 2008	Message Posted: Aug 6, 2012 10:20:05 AM Ignore danreino Report Abuse What about the new refinery in Elk Point, SD ?
regout Champion Author Quebec Posts:3,090 Points:859,430 Joined:May 2010	Message Posted: Aug 6, 2012 10:19:13 AM Ignore regout Report Abuse Ok.
zaq001 Champion Author Atlanta Posts:4,114 Points:1,499,780 Joined:Oct 2008	Message Posted: Aug 6, 2012 10:18:15 AM Ignore zaq001 Report Abuse hmmmm....interesting.
eddyp94 Champion Author Ontario Posts:8,163 Points:1,660,835 Joined:Mar 2008	Message Posted: Aug 6, 2012 10:16:28 AM Ignore eddyp94 Report Abuse Hope it works out...
manbig13 Champion Author Cleveland Posts:1,431 Points:557,475 Joined:May 2011	Message Posted: Aug 6, 2012 10:15:12 AM Ignore manbig13 Report Abuse ok
Sneakers55 Champion Author Houston Posts:51,836 Points:2,168,400 Joined:Nov 2005	Message Posted: Aug 6, 2012 10:14:26 AM Ignore Sneakers55 Report Abuse On Aug 6, 2012 11:59:25 AM, BrucePen wrote: >Getting rid of Obama will help as well. LOL Canada. They can have a no-confidence vote to get rid of Harper and guess who got re-elected? Talk about a dog returning to its vomit.
Ebaz Champion Author Oklahoma City Posts:3,340 Points:737,965 Joined:Apr 2011	Message Posted: Aug 6, 2012 10:11:27 AM Ignore Ebaz Report Abuse Mo money!
TBRR Champion Author Jacksonville Posts:3,716 Points:605,975 Joined:Dec 2007	Message Posted: Aug 6, 2012 10:10:31 AM Ignore TBRR Report Abuse when you consider the cost of the investment and the dividends expected by the investors, do you really expect the price at the pump to go down?? the public is now used to high gas prices and continue to drive above the speed limit which wastes a lot of gas. they will continue to complain and keep to their ways. bad case of do as i say not what i do. in god we trust
egd Champion Author Twin Cities Posts:8,226 Points:2,145,025 Joined:Mar 2005	Message Posted: Aug 6, 2012 10:10:16 AM Ignore egd Report Abuse our refined products are already us largest US export renewables are the way to go
Sneakers55 Champion Author Houston Posts:51,836 Points:2,168,400 Joined:Nov 2005	Message Posted: Aug 6, 2012 10:09:52 AM Ignore Sneakers55 Report Abuse On Aug 6, 2012 11:57:54 AM, rippertoo wrote: >Until they invent some problem that shuts down their refinery >so prices can skyrocket up. No oil company considers refinery shutdowns to be a good thing. Unless, of course, they're lying to the stockholders.
kuma2000 Champion Author Honolulu Posts:3,358 Points:700,875 Joined:Jun 2011	Message Posted: Aug 6, 2012 10:09:22 AM Ignore kuma2000 Report Abuse as long as it beneifts the u.s.
ramman2012 Champion Author Edmonton Posts:2,320 Points:497,300 Joined:May 2011	Message Posted: Aug 6, 2012 10:07:39 AM Ignore ramman2012 Report Abuse ok
IMLURCH Champion Author Minnesota Posts:2,319 Points:1,129,905 Joined:Mar 2009	Message Posted: Aug 6, 2012 10:06:42 AM Ignore IMLURCH Report Abuse And they will find what ever way to export it once refined. What a joke. We export more refined fuel then we import oil what is wrong with that? [Edited by: IMLURCH at 8/6/2012 1:07:51 PM EST]
sydb7 Champion Author Atlanta Posts:3,654 Points:1,941,780 Joined:Mar 2003	Message Posted: Aug 6, 2012 10:06:34 AM Ignore sydb7 Report Abuse ok
5Golfer8 Champion Author Tucson Posts:2,258 Points:325,950 Joined:Jun 2011	Message Posted: Aug 6, 2012 10:03:28 AM Ignore 5Golfer8 Report Abuse All I see is raising prices. THANKS OBAMA!
NashGas Champion Author Nashville Posts:3,094 Points:668,105 Joined:Dec 2009	Message Posted: Aug 6, 2012 10:02:25 AM Ignore NashGas Report Abuse Hotty Toddy!!
dan30thz28 Champion Author New Jersey Posts:6,049 Points:2,008,740 Joined:Feb 2006	Message Posted: Aug 6, 2012 9:59:55 AM Ignore dan30thz28 Report Abuse I doubt this will lower prices.