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 my first question is on the Bayway FCC. I think your last official statement was around mid-July for the restart. We saw reports
after that, that it was end of July. I'm not sure if that's been confirmed. So if you can just update us on the status of the unit and when
you expect it up and running full if it's not now.
Question: John Macalister Royall - JPMorgan Chase & Co, Research Division - Analyst
: Great. And then I know it's early on but maybe sticking with Refining. If you could give us possibly some expectations on some puts
and takes around captures for 3Q. And then relatedly, maybe you can weave in your view on WCS dips from here. We've widened
out a fair amount off of bottoms but still look very tight. So any views there into 2H would be helpful.
Question: Manav Gupta - UBS Investment Bank, Research Division - Analyst
: I want to start on the East Coast. That was like a 52% margin capture. That's a significant drop from the last quarter. Was it primarily
the outage at Bayway? Can you talk about some of the factors that led to such a significant drop on the East Coast and margin
capture?
Question: Manav Gupta - UBS Investment Bank, Research Division - Analyst
: Okay. Can you also talk a little bit about the TMX expansion? There's a lot of capacity coming on and moving the crude to the West
Coast starting next year. What would -- how would that change the WCS WTI differential outlook in your opinion?
Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst
: I think this is for Mark. Mark, if we look at California, you still have the Carson and Wilmington, that combined refinery. Today, probably
60% of the diesel in California being consumed by the renewable and biodiesel. And that in several years' time, you may end up that
to be 100%. So what's the role of that facility going to look like and how your configuration may need to change?
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AUGUST 02, 2023 / 4:00PM, PSX.N - Q2 2023 Phillips 66 Earnings Call
Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst
: Okay. So you think that. And do you think that on the longer-term basis, that, that should be part of your portfolio? Or given the
political environment and everything, that, that may -- I mean, is there any plan to do something that -- like what you have done to
Rodeo?
Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst
: Okay. And final one, I think this maybe is for either Rich or Kevin. When we look at your margin capture or your margin realization
in Central Corridor, you're actually doing better than we thought. Is there any one-off benefit that we see or it's just normal market
condition and that recovery from the downtime in the first quarter?
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