July 27, 2018 / 6:31 PM / a year ago

Phillips 66 'maxed out' on Canadian heavy crude oil: CEO

FILE PHOTO: A Phillips 66 sign is seen at a gas station in the Chicago suburb of Wheeling, Illinois, U.S., October 27, 2016. REUTERS/Jim Young

HOUSTON (Reuters) - Phillips 66 (PSX.N) is running all the heavy Canadian crude oil the independent refiner can handle at its U.S. refineries and will not seek additional supply from a new pipeline, Chief Executive Greg Garland said on Friday.

“We’re bringing over 500,000 barrels a day of Canadian crude in today,” Garland said during a conference call with Wall Street analysts. “So we’re the largest importer of Canadian crude. We’re probably running at about 80 percent of it or so, I would guess. So we’re kind of maxed out on Canadian heavy today.”

During a call to discuss second-quarter results, the company said its nine refineries would operate in the mid-90 percent range of their combined crude oil processing capacity of 1.65 million barrels per day in the third quarter of 2018.

Garland also said there were no major turnaround overhauls planned for its refineries in the third quarter of 2018.

Reporting by Erwin Seba; editing by Diane Craft and Dan Grebler

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