Phillips 66 ceo says there could be opportunity just to pick up assets, if not even whole companies

Phillips 66 - expcts q2 global olefins & polyolefins utilization rate to be in mid-90%, conf call.phillips 66 - says q2 refining crude utilization rate to depend on market conditions.phillips 66 - q1 was impacted by significant turnaround activity, economic run cuts as well as unplanned downtime.phillips 66 - distillate crack decreased about $4 per barrel and the gasoline crack declined by almost $2 per barrel in q1.phillips 66 - expects q2 pretax turnaround expenses to be between $45 million and $70 million.phillips 66 - in u.s., we were seeing 40%, 50% demand destruction depending on rural or urban areas.phillips 66 - thinks the midstream investable opportunities are going to be challenged in 2021.phillips 66 - on m&a, says "first point is never try to catch a falling knife".phillips 66 - i do think that there will be consolidation that comes, both in upstream & midstream through the balance of this year and to 2021-ceo.phillips 66 - there could be opportunity just to pick up assets, if not even whole companies-ceo.phillips 66 - we'll be very, very careful and very selective about what we might do.phillips 66 - on strong q2 guidance for chemicals, co says the high-density products that cpchem makes goes into consumer type markets.phillips 66 - on refinery expansions getting delayed, co says it expects to see refining projects get pushed out.
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