Phillips 66 Q1 2022 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst : Greg, just congratulations for your retirement. It has been a fun 10-year ride. And Mark, congratulations on the new role going forward. Two questions. I think, one, is a really short one. At the beginning of the year, I think the company has put out a turnaround expense, call it, $800 million to $900 million. Based on earlier comments, is that still a good estimate or that number has been changed? Because it doesn't look like you have mentioned, there's a lot of major turnaround. There's more catalyst change. And the first half of the year, your spending is only about, say, probably at $330 million or $350 million kind of range. So I want to see that how should we look at the overall spending level from the turnaround standpoint. Secondly, if the company believe the energy transition is happening and may even see at some point. In your Midstream business, your transportation system is linked directly to the gasoline and diesel demand in this country. And so from that standpoint, maybe this is a curve ball for Mark. Longer term, over the next 3 or 4 years, will the company start to deemphasize or maybe scale back in that segment and trying to reposition and put the capital into someplace else?