• Phillips 66 transcript from the JPMorgan Energy, Power & Renewables Conference, attended by CEO Mark Lashier and J.P. Morgan’s Matthew Anavy.
• Lashier flagged a slow normalization of Middle East flows post-Strait of Hormuz reopening, citing 90 million-100 million barrels “trapped” and insurance constraints.
• Debt reduction plan targets $19 billion by year-end 2026, funded by about $8 billion from collateral release, operating cash, reduced cash balances.
• Reaffirmed midstream EBITDA trajectory toward $4.5 billion by year-end 2027, driven mainly by projects under construction and efficiency gains.
• Western Gateway pipeline seen as “Colonial of the West”; FID expected in coming months, 2029 in-service, aimed at supplying California via reversals.

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