Phillips 66 plans refineries to run at mid-80% of capacity in Q1 2023 -company

Aerial view of Phillips 66 Company's Los Angeles Refinery in Carson, California
A general view of the Phillips 66 Company's Los Angeles Refinery, which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, at sunset in Carson, California, U.S., March 11, 2022. Picture taken March 11, 2022. Picture taken with a drone. REUTERS/Bing Guan

HOUSTON, Jan 31 (Reuters) - U.S. refiner Phillips 66 (PSX.N) said on Tuesday it plans to operate its refineries in the mid-80% range of their combined total crude oil processing capacity in the first quarter of 2023.

U.S. refiners expect higher levels of planned maintenance in the first quarter to cut production while units are shut for overhauls.

"So we are heavy centric first quarter on our turnarounds," Chief Executive Mark Lashier said in a Tuesday conference call with Wall Street analysts.

"Those are primarily related in just a couple of sites," Lashier continued. "I see that as really impactful to our Atlantic coastal operations as the biggest part of that impact on the turnarounds. There is also some Gulf Coast turnaround activity as well that is less impactful."

Phillips 66 operates 11 refineries in the United States and Europe with a combined crude oil processing capacity of 1.9 million barrels per day (bpd). Two of the refineries are joint ventures with other companies.

Phillips 66 shut a refinery in Alliance, Louisiana, last year. The company is in the process of converting its refinery in Rodeo, California, from processing crude oil to produce fuels from renewable sources.

Reporting by Erwin Seba; editing by Jonathan Oatis

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