Phillips 66 Q3 2020 Earnings Call Summary

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, if I can follow-up on that but string it to Europe. With the new climate law going to -- get voted on and most likely get passed very soon, how that -- you're looking at your asset in Europe and how -- what's the game plan? Do you need to fundamentally change how you operate the refining and also the retail operation? And the second question...

Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst : The first part is that with the European, the EU going to vote on the climate law, how that is going to change your operation? And what is the game plan for your European assets, whether that you need to fundamentally change the way how you operate? Or that -- I mean, do you have any view that under the new climate law, how those assets should be? So that's the first question. The second question is that somewhat related. In your larger customers in Europe, they're all coming up with a formal energy transition plan. And we assume that at a Biden administration, as Doug has asked the question. So does Phillips 66 need to formulate a formal energy transition plan? And is that -- does that involve in some form of diversifying into other business? I.e. your larger customers, they're all getting into the renewable or low carbon electricity power business. So is that something you guys will be interested or that you're saying, you know what, this is different, and it's not for us.