Conoco spinoff UPDATE 1-Conoco's refining spinoff lays out growth strategy9 minutes ago by Thomson Reuters
HOUSTON, April 9 (Reuters) - The CEO of the soon-to-be largest U.S. independent refiner, Phillips 66, laid out the company's growth plans on Monday, which include chemical and midstream investments, increased refined product exports and processing more shale oil.
"Our plan is to shift more capital toward these higher returning businesses, so we're not your normal refining company," said Greg Garland, the designated chairman and chief executive of the new company once its split from ConocoPhillips is complete on May 1.
Garland addressed analysts in advance of the split from, which ConocoPhillips' directors approved last week. The integrated oil major's exploration and production business will retain the ConocoPhillips name.
He said projected growth in U.S. natural gas liquids production by more than 50 percent in the next decade will provide "good fundamental economics" to the spinoff's chemical facilities.
Garland said the company intends to run up to 460,000 barrels per day of shale oil from the current level of up to 200,000 barrels per day, capturing more feedstock cost advantages.
And the company will work on export infrastructure double refined product exports to 200,000 bpd in the next two years.