June 25, 2026 [Reuters]- Phillips 66 CEO Mark Lashier said at the Reuters ​Global Energy Forum in New York on ‌Wednesday that refining and petrochemical earnings face greater volatility due to uncertainty from disruptions in the ​Strait of Hormuz.

• Lashier added that the ​company has taken about $1 per barrel of ⁠cost out of its refining business and ​is targeting $5.50 per barrel, while costs in California are ​around $15 a barrel.
• “We actually have improved our yield of high-value products for our refineries, and we’ve enhanced ​our utilization, running our refineries at higher ​rates as we’ve lowered the cost,” he added.
• Lashier noted ‌that ⁠the company’s significant investment in integration has paid off, allowing it to capitalize on market opportunities.
• The company focused on supplying refined products ​to the ​California market, ⁠which has been dependent on costly Asian-linked supplies and also delivered ​North American crude to its East ​Coast ⁠refineries, which rely on the Atlantic Basin, during a period of elevated oil prices.
• The company ⁠is ​well positioned to access ​Venezuelan crude, Lashier said.