Phillips 66 achieved a record distillate yield of 41% in Q3, maximizing diesel output due to strong margins from the Middle East conflict, Ukrainian drone attacks on Russian refineries, and the Strait of Hormuz blockade. The company's Atlantic Basin refineries can reach 43-44% distillate. Executives said Russia lacks enough distillate to affect the market, and a Trump-brokered diesel deal with Russia is widely doubted. Operational updates include custom crude blending at Wood River, adding 40 time-charter ships, and substituting US crudes at Bayway and Humber refineries.
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