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to develop a path forward for sustainable
aviation fuel that benefits all segments of the
industry.”
Phillips 66 is a major U.S. refiner and
supplier of jet fuel and aviation gasoline.
The memorandum of understanding aims to
leverage the company’s expertise in refining,
distribution and technical commercialisation
of transportation fuels as well as its portfolio
of renewable energy projects.
The latter includes Rodeo Renewed, the
proposed conversion of the San Francisco
Kinder Morgan increases result of actions we took following previous Refinery in Contra Costa County, California,
into one of the world’s largest renewable
weather events, as well as actions we took
dividend 3% and raises immediately prior to and during this storm fuels facilities, capable of producing an initial
to ensure that our systems could remain
800mn gallons per year of renewable fuels.
2021 guidance operational,” said KMI chief executive officer The project, subject to permits and approvals,
Steve Kean. “Those actions included enhanced is expected to be completed in early 2024.
Kinder Morgan, Inc.’s (NYSE: KMI) board weatherisation at storage and other facilities, “Southwest Airlines welcomes projects
of directors today approved a cash dividend ensuring critical facilities had backup like Phillips 66’s proposed Rodeo refinery
of $0.27 per share for the first quarter ($1.08 generation so they wouldn’t lose power, conversion to scale up the SAF industry,
annualised), payable on May 17, 2021, to and deploying additional personnel and bringing lower-carbon SAF to market in
stockholders of record as of the close of equipment at normally automated facilities meaningful quantities and thus helping
business on April 30, 2021. This dividend to maintain operations and be positioned to Southwest meet our carbon-reduction
represents a 3% increase over the fourth make any necessary repairs if roads became goals,” said Stacy Malphurs, Southwest’s Vice
quarter of 2020. impassable. President of Supply Chain Management
KMI is reporting first quarter net income KINDER MORGAN, INC., April 21, 2021 & Environmental Sustainability. “Given
attributable to KMI of $1,409mn, compared Southwest’s extensive operations in the
to a net loss attributable to KMI of $306mn Bay Area and throughout California, we’re
in the first quarter of 2020; and distributable DOWNSTREAM ideally positioned to benefit from any SAF
cash flow (DCF) of $2,329mn, compared production by Phillips 66 at Rodeo.”
to $1,261mn in the first quarter of 2020. Phillips 66 and Southwest PHILLIPS 66 AND SOUTHWEST AIRLINES, April
The increases are primarily related to the 22, 2021
February winter storm and therefore largely Airlines collaborate to
nonrecurring. We realised greater margins
on KMI’s Texas intrastate pipeline systems advance sustainable SERVICES
resulting from the temporary supply and
demand imbalances and substantial spot aviation fuel Vulcan Industrial
market price volatility caused by the storm;
as well as favourable contributions from the Phillips 66 and Southwest Airlines have signed Expands into Canada with
CO2 segment, which curtailed oil production a memorandum of understanding to advance
during the storm, allowing power it would the commercialisation of sustainable aviation Westpower
have used to be delivered to the grid. Net fuel, focusing on public awareness and
income for the first quarter of 2021 is also research and development. The memorandum Previously serving only operations in the
higher relative to the prior year period due to of understanding also sets the framework to United States, Vulcan Industrial will now
$971mn of impairment charges taken in the explore a future supply agreement involving sell its full range of hydraulic fracturing fluid
first quarter of 2020. Phillips 66’s Rodeo Renewed project in ends, valves, seats, plungers and high-caliber
“Apart from the storm and throughout the California and highlights the commitment by packing to fleets in Canada. This expansion
quarter, our assets continued to provide strong both companies to a sustainable energy future. is made possible through a partnership with
cash flow as we remain guided by a sound Sustainable aviation fuel, or SAF, is a lower Calgary-based Westpower.
corporate philosophy: fund our capital needs carbon-intensity fuel that can be produced Within the energy industry, Vulcan
internally, maintain a healthy balance sheet, from renewable feedstocks such as waste oils, specialises in innovations that improve the
and return excess cash to our shareholders fats, greases and vegetable oils. It is a drop-in economics of hydraulic fracturing fleets—
through dividend increases and/or share fuel, meaning it can be used in existing aircraft using advanced engineering, superior service
repurchases,” said KMI Executive Chairman engines and airport fuel infrastructure. and in-house metallurgy to help units
Richard D. Kinder. “Phillips 66 has a long history of driving run longer, better and more economically.
“The bulk of our improvement in net innovation in the commercial and general Westpower will serve as Vulcan’s exclusive
income and DCF is due to the strong aviation industry,” said Brian Mandell, distributor in the region. The move into
performance of our natural gas pipelines Executive Vice President of Marketing and Canadian territory comes at a time when
segment in the face of challenging Commercial for Phillips 66. “We are excited Canada’s production is rebounding from
circumstances presented by the February to work with Southwest Airlines to find ways 2020’s dual impact of geopolitical price wars
winter storm. That performance was a to help achieve its lower-carbon goals and and COVID disruption, and is forecasted to

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