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Valero, the nation’s largest refiner, attributed the higher net income mostly to higher margins in its refining segment and healthy demand.
Western Refining intends to make Northern Tier a wholly-owned subsidiary, but Northern Tier has not yet accepted the offer.
Phillips 66 Vice President of Investor Relations Kevin Mitchell, 49, will become the executive vice president of finance and CFO on Jan. 1 after Maxwell steps down, Phillips 66 said Friday in a filing with the U.S. Securities and Exchange Commission.
Construction recently began for a new hydrotreater at the Lake Charles Refinery to meet federal Tier 3 standards for lower sulfur content in gasoline for the beginning of 2017.
Parr moved to Houston in 2012 and began trading on the NYSE MKT market in 2014. The company, which has refining, midstream, upstream and marketing assets, has frequently shuffled its leadership while making recent deals to grow its presence, particularly in Hawaii.
Fluor is leading the joint venture and said it recently booked its $2.6 billion portion of the deal. The refinery complex is expected to produce 615,000 barrels a day.
Phillips 66 also will move forward with a $2 billion share buyback program. Nearly 80 percent of Phillips 66’s growth capital is directed toward its midstream expansions in pipelines, storage and export terminals.
Energy companies eager to sell raw, unprocessed U.S. crude around the world point to Valero’s posture as evidence that current export restrictions are fundamentally unfair, giving refiners access to world markets to buy the oil they use and sell the gasoline they make, even though domestic producers don’t have the same latitude.
Green already secured one change to the oil exports legislation, but he insists more safeguards are needed to ensure refining jobs aren’t hurt by unfettered crude trade.
A jury reached the verdict in April 2013 after finding the company liable in a long-running lawsuit over contamination by the chemical MTBE.