Houston-based Phillips 66 last week reported record NGL fractionation and LPG export volumes in its midstream unit for 2024 fourth quarter. Mark Lashier, chairman and CEO, said Jan. 31, “During the fourth quarter we achieved our strategic priority targets for shareholder distributions and asset dispositions. We also delivered on our goal of improving refining performance by continuing to run above industry-average crude distillation, setting record clean product yields and achieving our targeted cost reductions of $1 per barrel.”
Lashier added, “In support of our midstream wellhead-to-market strategy, we recently announced an agreement to acquire EPIC’s NGL business, bolstering our Permian and Gulf Coast footprint. Upon closing, these assets will be accretive to earnings and highly integrated with our existing infrastructure, providing additional opportunities to enhance returns and shareholder value.”