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United Parcel Service, Inc. Message Board

upsoars 1 post  |  Last Activity: Sep 4, 2014 11:27 AM Member since: Sep 4, 2014
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  • Phillips 66 says adding railcars to move crude to coastal refineries
    Reuters
    September 3, 2014 10:15 AM

    HOUSTON, Sept 3 (Reuters) - Phillips 66 is buying more railcars to eventually move up to 185,000 barrels per day (bpd) of North Dakota Bakken crude oil to its refineries on the East and West coasts, Chief Executive Officer Greg Garland told analysts on Wednesday.

    The fourth-largest U.S. refiner already has bought or has on order 3,200 railcars. Garland said during a webcast of his presentation at the Barclays CEO Energy-Power Conference that the company has ordered another 500 railcars to increase its fleet to 3,700 railcars.

    On Aug. 1 the company's 238,000-bpd Bayway refinery in Linden, New Jersey, received its first crude-only train at the plant's newly expanded offloading system. The system can take up to 70,000 bpd, in addition to up to 75,000 bpd from a joint venture with Global Partners.

    Phillips 66's 30,000-bpd offloading system at its 100,000-bpd refinery in Ferndale, Washington, is on track to start up in the fourth quarter, Garland said.

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    Michael

    Sentiment: Strong Buy

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