Reuters: Market News: UPDATE 1-Conoco's refining spinoff lays out growth strategy

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UPDATE 1-Conoco's refining spinoff lays out growth strategy Apr 9th 2012, 16:54 HOUSTON, April 9 | Mon Apr 9, 2012 12:54pm EDT 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. "We plan to do some debottlenecking and get more access, particularly off the West Coast and Gulf Coast," Garland said. Executives also indicated that the company may try to sell more than the two refineries currently on the block - its 247,000 bpd Alliance plant in Belle Chasse, Louisiana, and its 185,000 bpd refinery in Trainer, Pennsylvania. "There may be additional portfolio actions in addition to Trainer and Alliance," said Clayton Reasor, vice president of corporate and investor relations. Link this Share this Digg this Email Reprints

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