Upon scheduled close of the transaction later this year, Phillips 66 will take full ownership of the 345,000-b/d Wood River refinery in Roxana, Ill., and the 149,000-b/d Borger refinery in Borger, Tex., both of which Phillips 66 has operated since the WRB Refining JV’s formation in 2007. Located in the US Midwest refining hub near St. Louis, Wood River is one of the largest refineries in the region. Already operated by Phillips 66, both plants are also integrated with the company’s midstream and marketing assets. Unlike peers that are shedding refining assets or reducing exposure, Phillips 66 has maintained a balanced position between refining, midstream, and chemicals. While Phillips 66 continues to invest in lower-carbon initiatives and renewable fuels, its core refining portfolio remains a key earnings contributor.