Phillips 66 (PSX) May Look to Add 'Couple Thousand' Rail Cars in Effort to Expand Capacity
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Phillips 66 (NYSE: PSX) is said to mull the purchase of a "couple thousand" additional rail cars, according to headlines out Tuesday.
Speaking at a Citigroup conference in Miami, CEO Greg Garland said the rail cars would provide transportation from U.S. shale formations to refineries.
Currently, Phillips processes about 100,000 barrels of shale oil per day, which could increase to 150,000 over the next few years.
Shares of Phillips 66 are up 1.4 percent in late-trading Tuesday.
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Speaking at a Citigroup conference in Miami, CEO Greg Garland said the rail cars would provide transportation from U.S. shale formations to refineries.
Currently, Phillips processes about 100,000 barrels of shale oil per day, which could increase to 150,000 over the next few years.
Shares of Phillips 66 are up 1.4 percent in late-trading Tuesday.
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