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Aug. 12, 2020, 1:23 p.m. EDT

Phillips 66 to stop making fuels from crude oil at San Francisco-area refinery, will shift production to renewable fuels

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By Tomi Kilgore

Phillips 66 /zigman2/quotes/207448059/composite PSX -0.88% said Wednesday that it will stop producing fuels from crude oil at its San Francisco Refinery in Rodeo, Calif., and that it will reconfigure the refinery to produce renewable fuels. It will start making fuels from used cooking oil, fats, greases and soybean oils. The company said it expects to produce 680 million gallons a year of renewable diesel, renewable gasoline and sustainable jet fuel. Including production from an existing project, the plant will produce more than 800 million gallons a year of renewable fuels, which would make it the world's largest renewable fuels plant. Separate, Phillips 66 said it plans to shut down its Rodeo Carbon Plant and its Santa Maria refining facility in Arroyo Grande, Calif. in 2023. The company will take associated crude oil pipelines out of service in phases, starting in 2023. The stock, which ticked up 0.1% in afternoon trading, has shed 42.4% year to date, while the SPDR Energy Select Sector ETF /zigman2/quotes/206420077/composite XLE -1.12% has lost 36.3% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.12% has gained 4.4%.

/zigman2/quotes/207448059/composite
US : U.S.: NYSE
$ 59.82
-0.53 -0.88%
Volume: 7.29M
Sept. 18, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
6.02%
Market Cap
$26.12 billion
Rev. per Employee
$7.84M
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/zigman2/quotes/206420077/composite
US : U.S.: NYSE Arca
$ 33.61
-0.38 -1.12%
Volume: 26.41M
Sept. 18, 2020 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,319.47
-37.54 -1.12%
Volume: 4.09B
Sept. 18, 2020 5:15p
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