Houston-based oil producer Hilcorp (HILCO.UL) is evaluating Phillips 66's refinery in Alliance, Louisiana, for conversion into an oil export terminal, said four sources familiar with the matter, a move that would eliminate it as a source of motor fuels.
A sheen appears on the flooded property of the Phillips 66 Alliance Refinery, following the passing of Hurricane Ida in an NOAA surveillance photograph taken south of Belle Chasse, Louisiana, U.S. August 31, 2021. NOAA/Handout via REUTERSrefinery in Alliance, Louisiana, for conversion into an oil export terminal, said four sources familiar with the matter, a move that would eliminate it as a source of motor fuels.
In August, Phillips 66 began meeting with potential buyers of the 255,600 barrel-per-day refinery in Louisiana, on the state's southeast coast. It was knocked out of commission by Hurricane Ida last month when a protective wall gave way, flooding the plant. In June, the U.S. Energy Information Administration said national refining capacity last year fell by 4.5%, or 848,385 bpd, because of weak refining profits with work-from-home policies slashing gasoline demand.
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