All oil – whether it’s light, medium or heavy – needs to be refined once it’s out of the ground so it can be made into usable products. Through our 50 percent ownership in two oil refineries in the U.S. – Wood River, located in Illinois, and Borger, located in Texas – we capture the full value from crude oil production through to refined products such as gasoline, diesel and jet fuel. Our interest in these refineries is through our partnership with Phillips 66, operator of these facilities.
Our two refineries have a combined total capacity of approximately 460,000 gross barrels per day, with the ability to process up to 255,000 gross barrels per day of blended heavy crude oil. In 2014, our refineries produced an average of 455,000 gross barrels per day of refined products.