Meeting energy demand in a changing market. Stef Adams, senior advisor, corporate communications November 2, 2026 At Rice University's Baker Institute for Public Policy, Mark Senn discusses the commercial capabilities helping Phillips 66 adapt to evolving global supply As trade routes, supply sources and market dynamics evolve, companies must be able to adapt quickly while maintaining reliable delivery to customers. At the Annual Energy Summit at Rice University's Baker Institute for Public Policy, Mark Senn, senior vice president, global trading, described how the commercial team at Phillips 66 uses its capabilities to navigate market volatility while strengthening supply. He noted that companies are being evaluated on: * How quickly they can adapt. * How effectively they can reach customers. * How carefully they manage risk. Why it matters Geopolitical disruption is changing how customers think about energy security. Crude and refined products Senn explained how crude and refined-product markets are in different situations - more crude is becoming available, including supplies from Venezuela entering the United States and continued supply from Canada. Refined products are more difficult to replace as disruptions to the Russian refinery system and reduced Chinese exports tighten supply. Asset flexibility creates options when supply shifts These changes make the flexibility of Phillips 66's 2-million-barrel-per-day refining system especially valuable. "We see our customers saying, look, we want to make sure that we can source the energy that we need for our economies. And so, the US is becoming an increasingly attractive place for that type of business," Senn said. Availability is just as important as supply. Senn emphasized how control of shipping helps that energy reach customers. Phillips 66 Company is trying to supply energy to the globe, and the ability to actually reach that customer in this market has been vitally important. Mark Senn The closure of key supply regions combined with longer transit routes create a critical need for shipping. "It's very, very difficult at times, unless you control your own fleet to make those movements work economically when that piece in the middle is moving so quickly," Senn said. Phillips 66 has taken a strategic approach to controlling a large portion of the fleet used to make deliveries to its refineries and customers. Senn also emphasized the importance of disciplined risk management, explaining that traditional measures such as value at risk, which uses historical market patterns to estimate potential losses, have become more difficult to interpret in today's volatile environment. That means looking beyond headlines and focusing on what is actually happening in the market. Phillips 66 supports that approach with actions like: * Carefully monitoring crude and refined product availability. * Closely analyzing regional loadings. * Using satellite imagery to track activity. * Following pipeline flows and supply movements. Watch the full panel discussion below. For Mark Senn's opening remarks, start at about the 1:52 mark. The takeaway Senn's remarks show how Phillips 66 is responding to a more fragmented energy market. Flexible assets, controlled logistics and disciplined analysis help keep supplies moving when routes, products and market signals change. AI-powered tools may have been used to assist with the editing and development of this publication for accuracy, clarity and readability. All content is reviewed and approved by subject-matter experts prior to publishing.

RTI technologies to produce aviation fuel from used cooking oil with new partnership. By Abby Bulger - Digital Reporter, Minneapolis / St. Paul Business Journal Nov 2, 2026 Preview this article 1 min Oil reuse company Restaurant Technologies Inc.'s new partnership with Phillips 66 will turn used cooking oil into sustainable aviation fuel. Don't Stop Here - Continue Reading With Your $4 Trial Secure 4 weeks of award-winning news and trusted insights Subscribe for only $4

Oil traders brace for a wild week as Brent approaches $120. By Tom Kool - Oct 30, 2026, 11:51 AM CDT Fears of renewed U.S.-Iran hostilities are intensifying, with rising Hormuz attacks, reported explosions at Iran's Jask port and military repositioning overshadowing diplomatic efforts. With only several days left until the US midterm elections, oil prices are set for a hefty 13-14% month-on-month increase as ICE Brent trends around $118 per barrel. Qatari and Pakistani mediation notwithstanding, everything is pointing towards a resumption in US-Iran hostilities in the upcoming weeks - rising numbers of Hormuz attacks, reported explosions at Iran's Jask port, reports of military repositioning as well as extremely bullish CTA positioning. The markets should brace for a set of extremely volatile trading sessions next week... War Turns Refining into Big Oil's Profit Engine. US oil majors ExxonMobil (NYSE:XOM) and Chevron (NYSE:CVX) both beat analyst expectations for Q3 profits, cashing in $15.4 billion and $9.9 billion respectively, with Exxon earning more from downstream than upstream for the first time in six years. Iran Claims Three Tankers Struck Hormuz Mines. Iran's IRGC said three unidentified vessels struck naval mines, caught fire and were abandoned after using an "unauthorised" route and ignoring Tehran's warnings, whilst the US Centcom disputes claims that the strait's main shipping lane has been mined. Europe Taps SPRs to Cool Diesel Prices. EU governments will release 42 million barrels of strategic oil and product reserves over the next three months - half of it diesel - with France expecting pump-price relief of €0.12-0.18 per litre ($0.51-0.76 per gallon) within days after its 10-million-barrel release. Saudi Oil Pitches Discounted Crude to Europe. Saudi national oil firm Saudi Aramco (TADAWUL:2222) reportedly started offering discounted spot cargoes for October and November arrival to European buyers, seeking to maximize loadings through the Red Sea coast, in avoidance of the Houthis. ADNOC Pushes Toward Zero Reliance on Hormuz. Abu Dhabi's national oil company ADNOC has told its clients that the second 1.5 million b/d pipeline to Fujairah, bypassing the Strait of Hormuz, would see first deliveries in early 2027, seeking to reduce transits of its offshore grades to a bare minimum. Compressor Failure Disrupts US Butane Exports. US refining giant Phillips 66 (NYSE:PSX) declared force majeure on butane loadings from its 260,000 b/d Freeport LPG terminal after a power outage and compressor failure, risking supply as US facilities operate at high rates to meet strong export demand. Buoyed by Record Margins, Valero Revives Houston Capacity. US refiner Valero Energy (NYSE:VLO) has agreed to buy LyondellBasell's idled Houston refinery for $320 million and restart its 165,000 b/d distillation column by end-2027, defying calls to restart its 145,000 b/d Benicia plant in California. Russia Keeps Its Diesel Ban, Creates Caveat for US Exports. Moscow plans to extend diesel export restrictions through January while granting separate quotas for US-bound cargoes that could lift November shipments to 2.15 million tonnes and potentially 3.5 million tonnes by year-end. Egypt Turns to Fuel Oil as Its LNG Bill Surges. Egypt's state energy company EGPC bought six fuel oil cargoes for November-December delivery as soaring LNG prices threaten the country's finances as Cairo budgeted $10.1 for LNG imports in financial year 2026/2027, having already spent 60% of the sum. Europe Gas Crisis Deepens as Iran Risks Return. TTF, Europe's natural gas benchmark, soared past €100 per MWh ($34 per MMBtu) and is heading for a 42% monthly gain as European inventories started net withdrawals even though storage sites are only 75% full, further buoyed by the risk of US-Iran hostilities. Chile's Copper Slump Deepens Global Squeeze. Chile's Q3 copper output slumped 12% year-on-year to 1.16 million tonnes, the lowest production level in at least two decades, driven lower by recurring mining accidents, inclement weather, operational problems and declining ore grades. Armed Group Again Disrupts Libya's Oil Lifeline. Libya's NOC reported another incident when an armed group shut a valve on the Hamada-Zawiya pipeline, halting flows to the 120,000 b/d Zawiya refinery - the country's largest - highlighting persistent security risks to the country's oil-dependent economy. Asia Fuel-Oil Spreads Hit Records as Freight Costs Surge. The east-west pricing spread for fuel oil ballooned to a record high in Asia this week, as record freight costs from Europe pushed the November 380-cst high-sulphur spread to $155 per tonne with the low-sulphur spread topping $200 per tonne. Japan to Reclaim LNG Import Crown from China. Japan is set to reclaim the LNG import crown from China this year, taking in 62 million tonnes whilst Chinese imports are expected to slump to 61 million tonnes, as mild winter expectations, almost-full Chinese storage and higher prices suppress demand. China's Aluminium Boom Moves Abroad. Chinese aluminium producers are expanding across Asia and Africa in a bid to expand smelting capacity as Beijing's 45-million-tonne capacity regulatory cap is pushing investment abroad, with at least 15 mtpa of new capacity planned or recently announced. By Tom Kool for Oilprice.com More Top Reads From Oilprice.com Download the free Oilprice app today.