Phillips 66 and Southwest Airlines Partner to Help Commercialize Sustainable Fuel
(Credit: Southwest Airlines)
Phillips 66 and Southwest Airlines have signed a memorandum of understanding to advance the commercialization of sustainable aviation fuel, focusing on public awareness, along with research and development. The memorandum of understanding also sets the framework to explore a future supply agreement involving Phillips 66’s Rodeo Renewed project in California and highlights the commitment by both companies to a sustainable energy future.
Sustainable aviation fuel, or SAF, is a lower carbon-intensity fuel that can be produced from renewable feedstocks such as waste oils, fats, greases, and vegetable oils. It is a drop-in fuel, meaning it can be used in existing aircraft engines and airport fuel infrastructure.
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Phillips 66 and Southwest Airlines collaborate to advance sustainable aviation fuel
April 22, 2021 GMT
HOUSTON (BUSINESS WIRE) Apr 22, 2021
Phillips 66 (NYSE: PSX) and Southwest Airlines (NYSE: LUV) have signed a memorandum of understanding to advance the commercialization of sustainable aviation fuel, focusing on public awareness and research and development. The memorandum of understanding also sets the framework to explore a future supply agreement involving Phillips 66’s Rodeo Renewed project in California and highlights the commitment by both companies to a sustainable energy future.
Sustainable aviation fuel, or SAF, is a lower carbon-intensity fuel that can be produced from renewable feedstocks such as waste oils, fats, greases and vegetable oils. It is a drop-in fuel, meaning it can be used in existing aircraft engines and airport fuel infrastructure.
Phillips 66 Eyeing Energy Transition, with Oil and Gas Recovery Hinging on Return to ‘Normal’
Phillips 66 wants to exploit the technology base it has to advance a lower carbon business platform, while maintaining a strong balance sheet and returning value to shareholders.
The Houston-based energy firm sharply reduced the 2021 capital expenditure (capex) budget to $1.7 billion, down from $3.1 billion last year. About $1.1 billion of sustaining capital would go toward reliability, safety and environmental projects, according to CEO Greg Garland. Another $600 million of growth capital would target “in-flight” projects, investments and renewable fuels.
Speaking on the fourth quarter earnings call, Garland said Phillips 66 plans to resume construction of the fourth fractionator at the Sweeny Hub in Old Ocean, TX, in the second half of 2021, bringing total fractionation capacity at the facility to 550,000 b/d.
Operator
Welcome to the Fourth Quarter 2020 Phillips 66 Earnings Conference Call. My name is David, and I will be your operator for today s call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session. Please note that this conference is being recorded.
I will now turn the call over to Jeff Dietert, Vice President, Investor Relations. Jeff, you may begin.
Jeff Dietert
Vice President, Investor Relations
Good morning, and welcome to Phillips 66 s fourth quarter earnings conference call. Participants on today s call will include Greg Garland, Chairman and CEO; Kevin Mitchell, EVP and CFO; Bob Herman, EVP Refining; Brian Mandell, EVP Marketing and Commercial; and Tim Roberts, EVP Midstream.
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