Phillips 66 predicted this week that its first-quarter loss could approach $700 million, a loss larger than expected because of the severe winter storm that hit the company’s petrochemical operations along the U.S. Gulf Coast.
The major refiner, with significant operations in Bartlesville was hit by the February deep freeze which caused large power outages and gas-supply disruptions and knocked refineries and chemical plants out of commission for up to two weeks.
What the mounting losses will mean for the Oklahoma operations isn’t clear at this point.
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