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Phillips 66 makes final investment decision to convert San Francisco refinery to renewable fuels facility – Phillips 66

It will be one of the largest such facilities in the world; commercial commissioning scheduled for the first quarter of 2024

HOUSTON–(BUSINESS WIRE)–Philips 66 (NYSE:PSX) made a final investment decision on Wednesday to move forward with Rodeo Renewed, the proposed conversion of its San Francisco refinery in Rodeo, Calif. , into one of the world’s largest renewable fuels facilities. The project, which recently received approval from Contra Costa County, is expected to cost approximately $850 million and begin commercial operations in the first quarter of 2024.

“Rodeo Renewed is set to play a major role in helping us reduce our carbon footprint while continuing to provide reliable and affordable power,” said Greg Garland, president and CEO of Phillips 66. a project that will help meet the growing demand for low-carbon fuels, preserve jobs and help California meet its climate goals. It’s a great example of how Phillips 66 is making meaningful investments in a sustainable energy future that can create long-term value for our shareholders.

Upon completion of Rodeo Renewed, the converted facility will no longer process crude oil and will instead use oils, greases, greases and waste vegetable oils to produce 800 million gallons per year (more than 50,000 barrels per day) of renewable transportation fuels, including renewable fuels. diesel, renewable gasoline and sustainable aviation fuel. Producing these fuels is expected to reduce lifecycle carbon emissions by approximately 65%, the equivalent of taking 1.4 million cars off California’s roads each year. Rodeo Renewed is also expected to reduce on-site criteria pollutant emissions by 55% and water consumption by 160 million gallons per year.

The scope of the project includes the construction of pre-treatment units and the repurposing of existing hydrocracking units to enable the production of renewable fuels. The converted facility will leverage its flexible logistics infrastructure to secure renewable raw materials from local, national and international sources and supply renewable fuels to California and other markets.

The facility conversion will create 500 construction jobs and maintain over 650 jobs, including full-time employees and contractors. It’s poised to help California meet the demand for transportation fuels while helping the state meet its environmental goals.

About Philips 66

Phillips 66 (NYSE:PSX) manufactures, transports and markets products that drive the global economy. The diversified energy company’s portfolio includes midstream, chemical, refining and marketing and specialty businesses. Based in Houston, Phillips 66 has employees around the world who are committed to providing safe and reliable energy and improving lives while pursuing a low-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn or Twitter.

WARNING FOR THE PURPOSES OF THE “SAFE HARBOUR” PROVISIONS

OF THE PRIVATE SECURITIES LITIGATION REFORM ACT 1995

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created in this way. Words and phrases such as “expected”, “estimated”, “expected”, “expected”, “scheduled”, “targeted”, “believes”, “continues”, “intends”, “will”, ” would”, “objectives”, “goals”, “plans”, “efforts”, “strategies” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not is not forward-looking. The forward-looking statements included in this press release are based on management’s expectations, estimates and projections as of the date they are made. Such statements are not guarantees of future performance and you should not not place undue reliance on them because they involve certain risks, uncertainties and assumptions that are difficult to predict. Accordingly, actual results may differ materially from what is expressed or anticipated in such forward-looking statements. Factors that could cause actual results or actual events differ sensi Many of those described in the forward-looking statements include: failure to timely obtain or maintain necessary permits for capital projects; changes to global government policies related to renewable fuels and greenhouse gas emissions that negatively impact programs such as the Renewable Fuels Standards Program, Low Carbon Fuel Standards and tax credits for biofuels; unexpected changes in the costs of constructing, modifying or operating our facilities; risks and uncertainties regarding the actions of actual or potential competing suppliers and carriers of renewable fuels; failure to complete construction of capital projects on time and within budget; failure to comply with government regulations or make capital expenditures to maintain compliance; limited access to capital or a significantly higher cost of capital related to illiquidity or uncertainty in domestic or international financial markets; potential disruption to our operations due to accidents, weather events, including as a result of climate change, terrorism or cyber attacks; general national and international economic and political developments, including armed hostilities, expropriation of assets and other political, economic or diplomatic developments, including those caused by public health concerns and international monetary conditions and the exchange control; changes in government policies relating to the pricing, regulation or taxation of renewable fuels, including exports; required investments or reduced demand for products due to environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could cause changes to our business or increase expenses, including litigation-related expenses; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s business generally, as disclosed in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or change its forward-looking statements, whether as a result of new information, future events or otherwise.

Jeff Dietert (investors)

832-765-2297

[email protected]

Shannon Holy (investors)

832-765-2297

[email protected]

Thaddeus Herrick (media)

855-841-2368

[email protected]

Source: Philips 66