Although still experiencing some pandemic-related setbacks, Phillips 66 recently “turned a corner in terms of earnings,” the company’s chief executive officer said during a Tuesday event.
In an annual presentation about the company given to the Bartlesville Regional Chamber of Commerce forum, Phillips 66 CEO Greg Garland said the second quarter was the company’s first profitable one since the first quarter of 2020.
“We’re recovering, but not fully recovered. … But there’s no question (our) strategy is a viable strategy that has created immense value for our shareholders, our employees and our other stakeholders,” he said.
The chemical side of Phillips’ business is producing twice its normal margins due to continued demand increases for cleaning products, caused by the pandemic.
On the refinement side of Phillips’ business, gasoline demand is “almost recovered” from worldwide demand decreases of 50-60%.
“Gasoline demand has really been an effect of COVID, lockdown and vaccinations. Today, gasoline demand is almost back to 2019 levels,” Garland said.
“Where we’re seeing demand still lagging is jet fuel. It’s off about 16% lower than 2019 levels. Domestic air travel is almost back to 2019 levels … but international travel is still down.”
In addition to the company’s financial position, Garland discussed new projects Phillips has taken on recently.
For example, the company is working to build its presence in renewables. One such effort has been the conversion of the company’...
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