Phillips cut railed crude to NJ refinery in 3Q, ramping back up
HOUSTON Oct 30 (Reuters) - Phillips 66 sharply cut rail shipments of North Dakota Bakken crude to its 238,000 barrels-per-day (bpd) Bayway refinery in New Jersey during the third quarter when higher U.S. crude prices eroded the cost benefit of replacing imports with domestic oil, Chief Executive Greg Garland told analysts on Wednesday.
He said at one point the company was railing as much as 100,000 bpd to Bayway, but cut that to 30,000 bpd in August or September and started importing West African crude.
Recent declines in U.S. crude prices compared to imports has prompted Phillips 66 to ramp up those rail shipments again to a little less than 100,000 bpd, executives said.
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