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Phillips 66 delays CP Chem cracker completion to 4Q, production in 1Q 2018

HOUSTON, February 3, 2017 (PCW) – Phillips 66 said Friday that its joint-venture Chevron Phillips ethylene plant at Cedar Bayou is expected to be complete in the fourth quarter of the year and will come online in the first quarter of next year.

The 3.3 billion lbs/yr plant was expected to come online in the second half of this year. The two new 2.2 billion lbs/yr polyethylene units associated with the facility, however, are on track for startup in the middle of the year. These units are now in the commissioning phase, P66 said.

Its 150,000 b/d LPG export terminal in Freeport, which came online in December, loaded five cargoes during that month and eight in January, executives said. These levels are expected to hold through February and March, they added.

Also on Friday, P66 announced 4Q net income of $83 million, down the $710 million in 4Q 2015 due to “challenging market conditions,” the company said.

The midstream group saw a net loss of $1 million in the quarter, compared to the $75 million seen in the prior quarter, due to a $34 million net charge related to restructuring of the company’s DCP Midstream unit and tax adjustments.

The chemicals segment – which reflects P66’s investment in Chevron Phillips Chemical – saw 4Q earnings of $136 million, up from the $101 million in 3Q 2016. The uptick was due to benefits from tax adjustments. -- Samantha Hartke

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