Phillips 66 Sweeny Refinery Hit by Second Process Upset in a Week, Flaring Ongoing
PSX sits 74% above its 52-week low of $118.07 on light trading volume (0.2× avg).
Summary
Phillips 66's 293,532-b/d Sweeny, Texas refinery is dealing with back-to-back process upsets. The latest, involving Unit 26.2, started Friday and has caused flaring for over 48 hours with no resolution yet. This follows a Thursday upset at Unit 35 during Tropical Storm Bertha that lasted 11 hours. The repeated disruptions at a major refinery could tighten product supply and impact near-term throughput and earnings, especially given already elevated refining margins. The company has not provided a timeline for returning to normal operations.
At the time of this announcement, PSX was trading at $205.22 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $82.3B. The 52-week trading range was $118.07 to $216.08. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.