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Operator Welcome to the Fourth Quarter 2020 Phillips 66 Earnings Conference Call. My name is David, and I will be your operator for today s call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session. Please note that this conference is being recorded. I will now turn the call over to Jeff Dietert, Vice President, Investor Relations. Jeff, you may begin. Jeff Dietert Vice President, Investor Relations Good morning, and welcome to Phillips 66 s fourth quarter earnings conference call. Participants on today s call will include Greg Garland, Chairman and CEO; Kevin Mitchell, EVP and CFO; Bob Herman, EVP Refining; Brian Mandell, EVP Marketing and Commercial; and Tim Roberts, EVP Midstream. ....
Phillips 66 reports fourth-quarter 2020 financial results Fourth Quarter Reported a fourth-quarter loss of $539 million or $1.23 per share; adjusted loss of $507 million or $1.16 per share Generated operating cash flow of $639 million Completed Sweeny Hub Phase 2 expansion and the fourth dock at Beaumont Terminal Commissioned second dock and additional storage at South Texas Gateway Terminal Operated at 101% O&P utilization in Chemicals Announced 2021 capital budget of $1.7 billion, including Phillips 66 Partners Full-Year 2020 Generated $2.1 billion of operating cash flow Responded rapidly to COVID-19 conditions; exceeded $500 million cost and $700 million capital reduction targets Completed major growth projects, including Gray Oak Pipeline and Sweeny Hub Phase 2 expansion ....