DOCSLIB.ORG

Investigation of Gasoline Price Manipulation and Post-Katrina Gasoline Price Increases” File No

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Investigation of Gasoline Price Manipulation and Post-Katrina Gasoline Price Increases” File No IIInnnvvveeessstttiiigggaaatttiiiooonnn ooofff GGGaaasssooollliiinnneee PPPrrriiiccceee MMMaaannniiipppuuulllaaatttiiiooonnn aaannnddd PPPooosssttt---KKKaaatttrrriiinnnaaa GGGaaasssooollliiinnneee PPPrrriiiccceee IIInnncccrrreeeaaassseeesss FFFeeedddeeerrraaalll TTTrrraaadddeee CCCooommmmmmiiissssssiiiooonnn SSSppprrriiinnnggg 222000000666 Federal Trade Commission DEBORAH PLATT MAJORAS Chairman PAMELA JONES HARBOUR Commissioner JON LEIBOWITZ Commissioner WILLIAM E. KOVACIC Commissioner J. THOMAS ROSCH Commissioner Brian Huseman Chief of Staff Charles H. Schneider Executive Director Jeffrey Schmidt Director, Bureau of Competition Lydia B. Parnes Director, Bureau of Consumer Protection Michael Salinger Director, Bureau of Economics William Blumenthal General Counsel Nancy Ness Judy Acting Director, Office of Congressional Relations Nancy Ness Judy Director, Office of Public Affairs Maureen K. Ohlhausen Director, Office of Policy Planning Donald S. Clark Secretary of the Commission Inquiries concerning this report should be directed to: John H. Seesel, Associate General Counsel for Energy, at (202) 326-2702 or [email protected]. Table of Contents INTRODUCTION AND EXECUTIVE SUMMARY....................................................................... i PART I: INVESTIGATION OF PRICE MANIPULATION ........................................................1 CHAPTER 1: REFINING ..................................................................................................3 I. INDUSTRY BACKGROUND ................................................................................5 II. CAPACITY UTILIZATION AND OTHER SHORT-RUN OUTPUT DECISIONS.............................................................................................................6 A. Capacity Utilization Rates ...........................................................................6 B. Refinery Downtimes and Output Slates.......................................................8 1. Planned and Unplanned Refinery Downtimes.................................8 2. Examination of Turnarounds in California......................................9 3. Choice of Output............................................................................10 C. Other Short-Run Output Decisions............................................................12 1. Thinly-Traded Markets ..................................................................12 2. Geographic Allocation of Product .................................................12 III. LONG-RUN REFINING CAPACITY DECISIONS ............................................14 A. Market Evidence that Refiners Have Not Underinvested in Capacity Expansion...................................................................................................15 B. Documentary Evidence and Testimony that Refiners Have Not Underinvested in Capacity.........................................................................17 C. Refinery Closures and Sales ......................................................................18 IV. CONCLUSIONS....................................................................................................20 CHAPTER 2: BULK DISTRIBUTION INFRASTRUCTURE ........................................29 I. REFINED PRODUCT PIPELINES ......................................................................30 A. Background................................................................................................30 B. Factors Influencing the Likelihood of Price Manipulation........................32 1. Regulation......................................................................................32 2. Curtailing Discounts on Tariffs .....................................................32 3. Expansion Decisions......................................................................32 4. Vertical Foreclosure.......................................................................34 II. MARINE SHIPMENT OF REFINED PRODUCTS.............................................34 A. Background................................................................................................34 1. Imports and International Shipping ...............................................35 2. Domestic (Jones Act) Coastwise Trade .........................................35 B. Factors Influencing the Likelihood of Price Manipulation........................36 1. Regulation and Changing Contractual Environment .....................36 2. Likelihood of Anticompetitive Conduct ........................................39 III. TERMINALS.........................................................................................................39 A. Background................................................................................................39 B. Factors Influencing the Likelihood of Price Manipulation........................41 IV. CONCLUSIONS....................................................................................................43 CHAPTER 3: PRODUCT INVENTORY PRACTICES .................................................45 I. GASOLINE INVENTORY TRENDS...................................................................45 II. INVENTORY OVERVIEW..................................................................................46 III. INVENTORY MANAGEMENT ..........................................................................47 IV. THEORY OF COORDINATED PRODUCT INVENTORY REDUCTIONS.....48 V. CONCLUSIONS....................................................................................................49 CHAPTER 4: OTHER ISSUES INVOLVING POTENTIAL GASOLINE PRICE MANIPULATION .....................................................................................53 I. MANIPULATION OF GASOLINE FUTURES PRICES ....................................53 II. POSSIBLE MANIPULATION AND PUBLICLY REPORTED BULK SPOT PRICES..................................................................................................................56 III. MERGER EFFECTS .............................................................................................58 IV. CONCLUSIONS....................................................................................................58 PART II: GASOLINE PRICES IN THE AFTERMATH OF HURRICANE KATRINA .........59 CHAPTER 5: NATIONAL AND REGIONAL IMPACT OF HURRICANES KATRINA AND RITA ON GASOLINE PRICES ......................................................61 I. INTRODUCTION .................................................................................................61 II. THE HURRICANES= NATIONWIDE IMPACT ON GASOLINE SUPPLY.................................................................................................................62 A. Katrina........................................................................................................62 B. Rita.............................................................................................................64 III. POST-HURRICANE INCREASES IN NATIONAL AVERAGE PRICES.........65 IV. REGIONAL SUPPLY IMPACTS OF THE HURRICANES ...............................67 V. POST-HURRICANE EFFECTS ON REGIONAL PRICES.................................71 TOC-2 VI. OUTPUT RESPONSES FROM UNAFFECTED REFINERIES..........................75 VII. GASOLINE INVENTORIES ................................................................................76 VIII. IMPORT RESPONSES .........................................................................................79 IX. CONCLUSIONS....................................................................................................81 CHAPTER 6: IMPACT OF THE HURRICANES ON WHOLESALE AND RETAIL PRICES IN SELECTED URBAN AREAS...............................................95 I. WHOLESALE PRICES IN SELECTED URBAN AREAS BEFORE AND AFTER THE HURRICANES................................................................................96 A. Summary of Pre- and Post-Katrina Branded Wholesale Price Changes....96 B. Competitive Analysis of Post-Katrina Wholesale Price Changes .............98 1. Changes in Costs and Wholesale Prices ........................................98 2. Competition and Wholesale Price Changes.................................103 II. RETAIL PRICES IN SELECTED URBAN AREAS BEFORE AND AFTER KATRINA............................................................................................................104 A. Summary of Retail Price Changes ...........................................................104 B. Competitive Analysis of Post-Katrina Retail Price Changes...................105 1. Changes in Costs and Retail Prices..............................................105 2. Competition and Retail Price Changes ........................................108 III. EXTENT OF UNUSUALLY HIGH RETAIL PRICES AFTER KATRINA.....108 IV. CONCLUSIONS..................................................................................................113 CHAPTER 7: ANALYSIS OF PRICE INCREASES IN THE AFTERMATH OF HURRICANE KATRINA .......................................................................137 I. DEFINITION OF PRICE GOUGING FOR THE PURPOSES OF THIS ANALYSIS..........................................................................................................137 II. OPERATING MARGINS FOR LARGE WHOLESALE SELLERS OF REFINED PETROLEUM PRODUCTS..............................................................138 A. Group 1: Refiners....................................................................................140 B. Group 2: Wholesaler/Retailers................................................................141
Load more

Recommended publications
  • 2019 Annual Report Are Commission-Free
    Table of Contents 1 Letter to Our Shareholders 4 Financial Highlights 6 Our Businesses Midstream Chemicals Refining Marketing and Specialties 7 Our Value Chain 8 Our Strategy Operating Excellence Growth Returns Distributions High-Performing Organization 28 Board of Directors 30 Executive Leadership Team 31 Non-GAAP Reconciliations 32 Form 10-K | ON THE COVER AND TABLE OF CONTENTS Lake Charles Refinery WESTLAKE, LA In 2019, Lake Charles Manufacturing Complex achieved a sustained safety record of more than 55 months, equivalent to 7.5 million safe work hours. 2019 PHILLIPS 66 ANNUAL REPORT 1 To Our Shareholders We have the right strategy in place to create shareholder value, and our employees are executing it well. Phillips 66 achieved 34% total shareholder return during 2019, which exceeded our peer group average and the S&P 100. In 2019, we delivered earnings of $3.1 billion and earnings per share of $6.77. Adjusted earnings were $3.7 billion or $8.05 per share. During the year, we generated $4.8 billion of operating cash flow. We reinvested $3.9 billionback into the business and returned $3.2 billion of capital to shareholders through dividends and share repurchases. We increased our quarterly dividend 12.5% and announced a $3 billion increase to our share repurchase program. Since our formation, we have returned $26 billion to shareholders through dividends, share repurchases and exchanges, reducing our initial shares outstanding by 33%. Operating excellence is our No. 1 priority and core to everything we do. Our goal is zero incidents, zero accidents and zero injuries. We believe this is attainable, and we strive for it daily.
    [Show full text]
  • 2020 Fact Book 2 Our Businesses Our Strategy Midstream Chemicals Refining Marketing and Specialties Energy Research & Innovation Global Asset Map General Information
    Cover Photo: Taft Storage Facility at Gray Oak Pipeline TAFT, TX Contents 3 4 5 OUR BUSINESSES OUR STRATEGY MIDSTREAM Ferndale Ferndale Rail Terminal* Renton North Spokane Tacoma (MT) Yellowstone Cut Bank Moses Lake Thompson 17Falls Rail 24 14 Spokane Terminal Palermo* UROPE DLE EA Portland D Great Falls E I ST Portland (MT) Missoula Rail Terminal M Yello Glacier Sacagawea* Missoula wsto Helena Roundup Keene CDP* ne Billings Crude* Bozeman Billings Billings Humber SPCo & S-Chem ooth Sheridan* Semino Bakk Beart en Bayway MiRO CHEMICALS REFINING * MARKETING AND SPECIALTIES Bighorn e* Linden* Q-Chem I & II Casper* Tremley Pt. (MT)* * Po Rock Springs wd Bayway Rail eminoe er Ri Terminal* S Harbor Red Line Oil North Salt Lake Pioneer ve Des Moines s r Sacramento Rockies Expr Hartford Lincoln ess Line 20 ess Richmond (MT) Rockies Expr San Francisco Denver Borg Conway Kansas City* Po 0 Rockies Expres to Wichita wd Paola er-Den Gold Line* Wood River er Riv Wichita N.* Products* HeartlandPaola* Blue Line 0 Wichita S.* E. St. ver Jeerson City* Junction er Louis* Southern Hills* m Cherokee North* r*Hartford* Line 30 re Line 40 ol Standish* La Junta * h Ponca City* Explo his Ponca City ld Line C Crude* Go 0 Los Angeles Medford* eeMount Vernon* ok t Los Angeles Borger CherEas Torrance Cherokee Colton Borger to Amarillo* Blue LineSouth* Glenpool* Ponca Selmer Line O* * CushPo* Albuquerque* K PL Sk AC ATA Line* elly ST Cushing City SA Oklahoma City* Amarillo* -Belvieu Los Angeles AL Borger Oklahoma Crude* * Explor Wichita Falls* Lubbock* Savannah North
    [Show full text]
  • Being Chapter N-7 of the Revised Statutes of Canada, 1985, As Amended, and the Regulations Made Thereunder;
    Hearing Order MH-1-2006 NATIONAL ENERGY BOARD IN THE MATTER OF the National Energy Board Act (“NEB Act”), being Chapter N-7 of the Revised Statutes of Canada, 1985, as amended, and the regulations made thereunder; AND IN THE MATTER OF an Application by TransCanada Pipelines Limited (“TCPL”) and TransCanada Keystone Pipeline GP Ltd. (“Keystone”) for orders pursuant to Parts I, III, IV and V of the NEB Act; AND IN THE MATTER OF National Energy Board Hearing Order MH-1-2006 dated June 21, 2006. WRITTEN EVIDENCE OF CONOCOPHILLIPS CANADA LIMITED CALGARY:909507.3 INTRODUCTION Q. Please summarize and describe the purpose of this evidence. A. The purpose of this evidence is to describe why ConocoPhillips Canada Limited 5 (“ConocoPhillips”) supports development of the Keystone Pipeline Project. ConocoPhillips is a significant oil and gas producer in Canada. Much of its Western Canadian crude supply, and in particular, incremental supply to be produced from its Surmont Project, is intended to be processed in refinery facilities owned and operated by ConocoPhillips’ parent ConocoPhillips Company and which are located in markets accessed by the Keystone Pipeline Project. The 10 Keystone Pipeline Project will provide ConocoPhillips and others with an important long-term source of reliable, cost efficient transportation capacity at a time when crude oil pipeline capacity to U.S. Midwest markets is strained. As a significant natural gas producer in Canada, ConocoPhillips also provides comments on any negative impacts it sees arising from the proposed transfer and conversion of TCPL’s Line 100-1 15 facilities between Burstall, Saskatchewan and Carman, Manitoba.
    [Show full text]
  • DISCUSSION GROUP 1 on TURBOMACHINERY OPERATION and MAINTENANCE
    DISCUSSION GROUP 1 on TURBOMACHINERY OPERATION AND MAINTENANCE Charles R. (Charlie) Rutan, Coordinator, is an Engineering Fellow for Lyondell/Equistar Chemicals, LP, at the Chocolate Bayou Chemical Complex, in Alvin, Texas. Initially, he was a Project Engineer for Monsanto Company, then moved into equipment specification, installation, startup, and problem solving. After Monsanto, Mr. Rutan worked for Conoco Chemicals, DuPont, and Cain Chemicals. He was a Mechanical Area Maintenance Manager at the Chocolate Bayou facility prior to being promoted to his present position. Mr. Rutan received his B.S. degree from Texas Tech University (1973). He was appointed to the Texas Tech University Department of Mechanical Engineering Academy of Mechanical Engineers and is a member of the Turbomachinery Symposium Advisory Committee. He has been active in ASME, the Turbomachinery and the International Pump User’s Symposia, the Southern Gas Compression Conference, the Hydraulic Institute, and AIChE. Richard Beck, Coordinator, has been the Equipment Reliability Group Supervisor at Chevron Phillips Chemical Company, Cedar Bayou Plant, in Baytown, Texas, since 1990. He has been employed with Chevron since May 1980, primarily in the equipment inspection and machinery reliability fields. Mr. Beck serves as the team leader of the Chevron Phillips Chemical Machinery Best Practice team and is one of the implementation coordinators for a company-wide reliability software system. His previous Chevron assignments include work at the Pascagoula, Mississippi, refinery; the Belle Chasse, Louisiana, chemical plant; and the Maua, Brazil, chemical facility. Mr. Beck completed his undergraduate studies at Mississippi State University (Education, 1979) and taught high school mathematics prior to his career with Chevron.
    [Show full text]
  • The Shell Oil Strike of 1962-1963
    LABOR’S LAST STAND IN THE REFINERY: THE SHELL OIL STRIKE OF 1962-1963 BY TYLER PRIEST Unless otherwise indicated, all photos from USW Local 4-1, Pasadena, TX. Pasadena, 4-1, Local USW from photos all indicated, otherwise Unless Striking OCAW Local 4-367 employees outside the gate of the Shell Oil Deer Park ❒ Individual: ❒ $15 – 1 yr refinery in 1962. “The true majesty of the oil industry is best seen in a modern along soaring platforms, catwalks, and ladders, the ❒ $30 – 2 yrs refinery,” wrote oil journalist Harvey O’Connor in 1955. catalytic cracking unit affords one of the magic ❒ Student (please include copy Few monuments of industrial architecture could compare to sights of twentieth century technology.”1 of student id): ❒ $10 – 1 yr a refinery’s giant crude oil tanks, topping plants, distilling Today, when driving over the Sam Houston Tollway ❒ Institution: ❒ $25 – 1 yr columns, fractionating towers, platformers, extraction plants, Ship Channel Bridge, even long-time residents of Houston lubricating oils units, and de-waxing units. The centerpiece cannot help gawking at a spectacle that includes not merely Donation: $ of the modern refinery, however, was that “sublime industrial one refinery, but dozens stretching along the Houston cathedral known as a ‘cat-cracker’,” where petroleum Ship Channel and around Galveston Bay. Conspicuous molecules were from this vantage point is Shell Oil’s Deer Park complex. Tyler Priest is Clinical Professor Return to: broken down and Built in 1929 and expanded with a giant cat cracker after Center for Public History and Director of Global Studies rearranged to form at the C.T.
    [Show full text]
  • 1 Magellan Crude Oil Pipeline Project* Permian and Eagle Ford
    Magellan Crude Oil Pipeline Project* Permian and Eagle Ford Basins to Corpus Christi and Houston, Texas Background Magellan Midstream Partners, L.P. (together with its affiliates, “Magellan”), either through an existing affiliate or a newly formed entity, which new entity may include one or more unaffiliated members (in either case, “Carrier”) intends to develop a new pipeline system to transport crude oil and condensate from the Permian and Eagle Ford Basins to destinations in the Corpus Christi and Houston, Texas area, with an initial planned design capacity of at least 350,000 barrels per day (“bpd”) with the ability to expand up to 600,000 bpd to each destination (the “Pipeline System”). Carrier may elect to adjust the initial design capacity of the Pipeline System based on shipper demand in the open season. Carrier is seeking long-term revenue or revenue/acreage dedication commitments for the Pipeline System (in the form of Transportation Services Agreements or “TSAs”) through a binding open season (the “Open Season”), in exchange for which committed shippers would secure contract capacity rights at incentive tariff rates. Subject to obtaining sufficient commitments from shippers and the receipt of all necessary permits and approvals, the Pipeline System could be operational within 24 months of Carrier’s determination to proceed with the project. Pipeline System *1/31/2018 Version 1 Pipeline System Carrier would develop a new Pipeline System for transporting crude oil and condensate from the Permian and Eagle Ford Basins to the Corpus Christi and Houston Gulf Coast areas. Specifically, the Pipeline System would include the following assets, which could be newly constructed, existing or leased assets, or a combination of such, in each case, as supported by sufficient shipper interest: 1.
    [Show full text]
  • 1 Refinery Events June 8, 2012
    Refinery Events June 8, 2012– June 14, 2012 The following events were obtained from the Department of Energy (DOE) website: Update: Motiva Continues to Address Corrosion Issue in Fuel Gas System at Its 600,000 b/d Port Arthur, Texas Refinery Motiva Enterprises on Friday provided an update on its progress addressing previously announced corrosion issues on some piping in the plant’s fuel gas system in a filing with the Texas Commission on Environmental Quality. To remedy the corrosion issue and perform necessary repairs, operators were planning to temporarily place into service three compressors at the West Side Gas Plant (WSGP). The use of the WSGP compressors will help maintain fuel gas system reliability and reduce the potential for a fuel gas flaring event during the maintenance work, the filing said. Motiva submitted a similar notification for the compressors on April 23, 2012, and the follow-up filing today was submitted because the maintenance work identified in the prior notice has not been completed. http://www11.tceq.state.tx.us/oce/eer/index.cfm?fuseaction=main.getDetails&target=169426 Posted to DOE website 6-8-12. Citgo Reduces Rates Due to SRU Upset at Its 163,000 b/d Corpus Christi, Texas Refinery June 7 Citgo reported a sulfur recovery unit (SRU) upset at its West Plant Thursday morning, according to a filing with the Texas Commission on Environmental Quality. Operators reduced West Plant unit rates to reduce the production of sour gas as they worked to stabilize the amine system and SRU unit. http://www11.tceq.state.tx.us/oce/eer/index.cfm?fuseaction=main.getDetails&target=169414 Posted to DOE website 6-8-12.
    [Show full text]
  • PCB 04-214,060204 Agncyrcmdtnaprncrhl.Pdf
    • CLERK’SCE~VE~DOFFICE BEFORE THE ILLINOIS POLLUTION CONTROL BOARJi~JN022004 OF THE STATE OF ILLINOIS STATE OF QtINOIS Pollution Control Board CONOCOPHILLIPS COMPANY ) Low Sulfur Gasoline Project — Wood River Refinery ) • ) • S ) PCBO4- )-1 • ) (Tax Certification) PROPERTY IDENTIFICATION NUMBER ) 19-1-08-35-00-000-001 ) NOTICE TO: Dorothy Gunn, Clerk Michael Kemp Illinois Pollution Control Board ConocoPhillips Company State of Illinois Center 404 Phillips Building 100 W. Randolph Street, Suite 11-500 Bartlesville, Okalahoma 74004 Chicago, Illinois 60601 Steve Santarelli - Illinois Department of Revenue 101 West Jefferson P.O. Box 19033 Springfield, Illinois 62794 PLEASE TAKE NOTICE that I have today filed with the Office of the Pollution Control Board the APPEARANCE and RECOMMENDATION ofthe Illinois Environmental Protection Agency, a copy ofwhich is herewith served upon the applicant, ConocoPhillips Company, and a representative ofthe Illinois Department ofRevenue. Respectfully submitted by, Robb H. Layman Special Assistant Attorney General Date: June 1, 2004 ILLINOIS ENVIRONMENTAL PROTECTION AGENCY 1021 North Grand Avenue East P.O. Box 19276 Springfield, IL 62794-9276 Telephone: 217/782-5544 Facsimile: 217/782-9807 RECE~VE~ CLERK’S OFFICE JUN 022004 BEFORE THE ILLINOIS POLLUTION CONTROL BO~4~-EOF ILLINOIS OF THE STATE OF ILLINOIS Pollution Control Board CONOCOPHILL1IPS COMPANY ) Low Sulfur Gasoline Project — Wood River Refinery ) • S ) PCB04~~1~ • ) (Tax Certification) PROPERTY IDENTIFICATION NUMBER ) 19-1-08-35-00-000-001 ) APPEARANCE I hereby file my Appearance in this proceeding on behalf of the Illinois Environmental Protection Agency. Respectfully submitted by, - - • • Robb H. Layman C/ • • Special Assistant Attorney General Date: June 1, 2004 ILLINOIS ENVIRONMENTAL PROTECTION AGENCY 1021 North Grand Avenue East P.O.
    [Show full text]
  • Phillips Petroleum Company 2001 Annual Report
    Phillips Petroleum Company 2001 Annual Report NEW EXPECTATIONS PHILLIPS’ MISSION IS TO PROVIDE SUPERIOR RETURNS FOR SHAREHOLDERS THROUGH TOP PERFORMANCE IN ALL OUR BUSINESSES. PHILLIPS PETROLEUM CONTENTS COMPANY IN BRIEF 2 PHILLIPS’WORLDWIDE OPERATIONS Phillips Petroleum Company is a 4 LETTER TO SHAREHOLDERS major integrated U.S. oil and gas CEO Jim Mulva describes Phillips’ journey and explains why the company has company. It is headquartered in new expectations for increased shareholder returns. Bartlesville, Oklahoma. The company 7 THE CHAIRMAN’S PERSPECTIVE was founded in 1917. Phillips’ core Jim Mulva responds to questions about the company as it prepares to enter a new era. activities are: 9 FINANCIAL SUMMARY ■ Petroleum exploration and produc- Phillips remains financially strong despite a challenging economic climate. tion on a worldwide scale. 10 EXPLORATION AND PRODUCTION (E&P) ■ Petroleum refining, marketing and Phillips anticipates increased oil and gas output from existing projects, and is transportation, primarily in the carrying out a balanced and focused exploration program. United States. 18 REFINING, MARKETING AND TRANSPORTATION (RM&T) ■ Chemicals and plastics production Following its acquisition of Tosco, Phillips is capturing synergies and taking advantage and distribution worldwide through of its expanded capabilities as one of the largest U.S. refiners and marketers. a 50 percent interest in Chevron 24 CHEMICALS Phillips Chemical Company Chevron Phillips Chemical Company is weathering a difficult market, holding down (CPChem). costs and carrying out growth projects. ■ Natural gas gathering, processing 26 GAS GATHERING, PROCESSING AND MARKETING and marketing in North America Phillips’ midstream joint venture is making the most of its strengths while through a 30.3 percent interest in pursuing growth opportunities.
    [Show full text]
  • AFPM 2019 National Occupational and Process Safety Conference
    Safety Awards Gaylord Texan April 24-25, 2019 afpm.org/conferences Program Grapevine, Texas #AFPMNSC National Occupational and Process Safety Conference Preparing for Tomorrow AFPM congratulates all of this year’s award recipients on their outstanding achievements. Best wishes for a safe 2019. Masters of Ceremonies Distinguished Safety Award Master of Ceremonies Presentation of Awards AFPM’s most prestigious award, the Distinguished Randy Patton Joseph Gorder Safety Award (DSA) recognizes those member Vice President, Chairman, President and company refineries and petrochemical plants Health and Safety Chief Executive Officer that have attained a sustained, exemplary level of HollyFrontier Corporation Valero Energy Corporation safety performance in the domestic refining and AFPM Safety & Health Chairman, petrochemical manufacturing industries. Recipients Committee Chair AFPM Board of Directors are chosen by a selection committee composed of members of the AFPM Safety & Health Committee. Sean Horne Chet Thompson It is the DSA Selection Committee’s responsibility to Vice President, Safety President and CEO carefully examine the safety performance records Valero Energy Corporation AFPM of individual plant locations using the specific AFPM Safety & Health screening and selection criteria detailed below. Committee Vice-Chair Elite Gold Safety Award AFPM Safety Awards Program This award is typically presented to the top one percent of member company refineries and The presentation of the AFPM Safety Award plaques petrochemical plants that have
    [Show full text]
  • INVESTING BUILDING GROWING Letter to Shareholders 1 Financial Highlights 5 Operations Overview 6
    Phillips 66 2013 Summary Annual Report INVESTING BUILDING GROWING Letter to Shareholders 1 Financial Highlights 5 Operations Overview 6 STRATEGY Ensuring Safe, Reliable Operations 10 Accelerating Growth in Midstream and Chemicals 12 A Multifaceted Approach to Enhancing Returns 16 Growing Shareholder Value 20 Developing a High-Performing Team 21 BUILDING A STRONG FOUNDATION FOR A PROMISING FUTURE Financial Strength Supports Future Growth 24 Technology Expertise Addresses Energy Challenges 26 Sharing Prosperity 27 Providing Energy, Improving Lives 28 Financial Summary 30 Board of Directors 40 Executive Leadership Team 42 Shareholder Information 44 UNITS OF MEASURE BLb/Y Billion pounds per year BPD Barrels per day Lb/MBbl Pounds per thousand barrels MBD Thousands of barrels per day MMCFD Millions of cubic feet per day MMLB Millions of pounds MMLb/Y Millions of pounds per year TBTUD Trillion British thermal units per day COVER: Phillips 66 employees in Old Ocean, Texas, are at the center of the American energy revolution. Old Ocean is home to one of the company’s 11 U.S. refineries, as well as a Chevron Phillips Chemical Company (CPChem) facility. It is also where Phillips 66 and CPChem, of which Phillips 66 owns a 50 percent equity interest, plan to break ground in 2014 on multibillion dollar growth projects that will create thousands of construction jobs and hundreds of long-term energy manufacturing jobs. www.phillips66.com TO OUR SHAREHOLDERS We are pleased to report that 3KLOOLSVKDGDQRXWVWDQGLQJ¿UVW full year as an energy manufacturing and logistics company. The people of Phillips 66 performed well in executing our strategy, Greg C.
    [Show full text]
  • National Occupational & Process Safety
    NATIONAL OCCUPATIONAL GRAND HYATT SAN ANTONIO & PROCESS SAFETY MAY 17 – 18, 2016 CONFERENCE AND EXHIBITION SAFETY AWARDS EVENT 2016 AFPM SAFETY AWARDS PROGRAM The presentation of the AFPM AFPM CONGRATULATES ALL Safety Award plaques is part of a comprehensive safety awards program OF THIS YEAR’S AWARD which the Association’s Safety & Health RECIPIENTS ON THEIR Committee has developed to promote safety performance achievements in OUTSTANDING ACHIEVEMENTS. the petroleum refining, petrochemical manufacturing, and contracting industries and to publicly recognize the excellent BEST WISHES FOR A SAFE 2016. record of safety in operations which the industries and contractors have achieved. AFPM Safety Awards are based on records kept for employees in accordance with OSHA record keeping requirements as defined by law and entered on the OSHA 300A summary form and API RP 754, Process Safety Performance Indicators for the Refining and Petrochemical Industries. TABLE OF CONTENTS 1 Distinguished Safety Award The Safety Awards Program honors Elite Gold Safety Award AFPM Regular member companies Elite Silver Safety Award operating U.S. refineries and petrochemical manufacturing plants as 2 Merit and Achievement Awards well as Associate member contractors working in those facilities. The program 9 Contractor Merit Awards consists of the following awards. 27 Quick Reference Alphabetical 29 AFPM Safety and Health Committee 33 News Release MASTERS OF Master of Ceremonies CEREMONIES Robert Bahr Global Process Safety & Risk Manager – Exxon Mobil Corporation, AFPM Safety & Health Committee Chair Ronald Meyers Principal EHS Professional – Axiall Corporation, AFPM Safety & Health Committee Presentation of DSA Awards Gregory Goff Chairman, President and Chief Executive Officer – Tesoro Corporation AFPM Chairman of the Board 2 Cover photograph ©Shutterstock.
    [Show full text]