The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: John Macalister Royall - JPMorgan Chase & Co, Research Division - Analyst
: So sticking with RD, can you speak to the potential extension of the BTC that's been in the news this week and how you think about returns on
that project ex the BTC or with the BTC? And then any thoughts on LCFS price going forward, which has been on the weaker side recently but
maybe some catalysts around the scoping process and the Canada program starting next year?
Question: John Macalister Royall - JPMorgan Chase & Co, Research Division - Analyst
: That's really helpful. And then the next one is back to Refining. Can you talk about the turnarounds coming in at the lower end of full year guidance,
if I heard that correctly? Was there any deferral there? Were you able to execute on any of your turnarounds at lower-than-expected costs? Just
looking for some color there. And then maybe -- not sure if you're going to answer this, but any early look into the kind of year you might expect
in 2023 relative to this year, where presumably, I would think you have some catch-up?
Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst
: First, I want to also welcome and congratulate Mark to the -- your first conference call as the CEO.
Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst
: Two questions. I think the first one is for Rich and the second one is for Mark. For Rich, I mean, yes, the market conditions remain very robust. By
the time come next year, is there an option that you can postpone the shutdown of Rodeo or that you do need to shut it down because otherwise
that you have to do a major maintenance or other reasons behind? If you can just give us some idea on that. Is there any flexibility?
And the second question is for Mark. Mark, I think you touched on that. I think if we look back in last decade, the strategy for the company is quite
clear. There's more Midstream, more Chemical and less Refining and at 1 point early on in the decade, things that even may be in the long-term
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JULY 29, 2022 / 4:00PM, PSX.N - Q2 2022 Phillips 66 Earnings Call
future, Refining don't need to be part of the portfolio. And as you take on the seat, what is the new look that -- from you on the longer term, given
that Midstream seems to us is already overly invest. If you can, say, comment on those, that would be great.
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