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Phillips 66 (PSX -1.2%) likely will look to sell its 71K bbl/day Whitegate refinery in Ireland...

Phillips 66 (PSX -1.2%) likely will look to sell its 71K bbl/day Whitegate refinery in Ireland and its stake in the 200K bbl/day Melaka refinery in Malaysia, CEO Greg Garland says. "We don't envision growing in the Asian refining space," he says, adding that PSX plants in the U.K. and Germany remain core to the company's operations.
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Comments (4)
  • Veritas1010
    , contributor
    Comments (1563) | Send Message
     
    I guess this brief byte begets the question: Why would Phillips want to exit the largest growth marketplace on Earth???
    13 Dec 2012, 06:52 PM Reply Like
  • siddharth_lodaya
    , contributor
    Comments (10) | Send Message
     
    Good question!
    13 Dec 2012, 07:10 PM Reply Like
  • Michael Fitzsimmons
    , contributor
    Comments (9035) | Send Message
     
    I would guess because those refineries run off Brent based oil prices, and they can get much higher refining margins in the U.S. by taking advantage of the large spread between mid-con U.S. crude prices and Brent.
    14 Dec 2012, 09:04 AM Reply Like
  • Veritas1010
    , contributor
    Comments (1563) | Send Message
     
    Thank you Michael. An issue however to keep an ear open on, maybe? Thanks again.
    14 Dec 2012, 08:47 PM Reply Like
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