Houston oil giant Phillips 66 is building a new gas plant and pipeline in the Permian Basin and expanding its Corpus Christi processing and pipeline facilities as the company expands its natural gas liquids business.
Energy companies have been growing their chemicals business as part of the energy transition and a push to cushion their portfolios from volatile consumer and market trends. Although policy changes of the Trump administration have incentivized a focus on traditional resources such as oil and coal, forecasts still suggest demand for crude is expected to decline within the next two decades.
Demand for chemicals such as ethane, propane and butane is expected to rise with their increased use in cleaner-burning fuels and as building blocks of plastics. These chemicals are used to produce compounds used in everything from plastic for packaging materials to polymers for construction and consumer electronics…