HOUSTON -- Phillips 66 has settled on a temporary headquarters in the Pinnacle Westchase building near ConocoPhillips' home office in the Houston "Energy Corridor," reported The Houston Business Journal.
The area is named for its oil and energy company residents, such as Exxon Mobil Corp., CITGO Corp. and Shell Oil Co.
The fledgling refining and chemicals company spun off from ConocoPhillips earlier this year. Houston-based Phillips 66 began trading on the New York Stock Exchange on May 1.
Janet Grothe, senior adviser for health, safety and the environment at Phillips 66, confirmed the lease, but would not tell the Business Journal about the terms of the contract.
A report from the Houston office of commercial real-estate firm Jones Lang LaSalle showed that Phillips 66 has executed a lease for 209,482 square feet at the Pinnacle Westchase building, said the newspaper.
Grothe said the Pinnacle Westchase site will serve as the company's interim location while the search for a permanent headquarters continues.
ConocoPhillips' headquarters is about eight miles away. In March, it sent an email to employees that said the new headquarters would be constructed near Interstate 10, within 10 miles of ConocoPhillips' current headquarters. The Pinnacle Westchase building fits that general description, said the report.
Based in Houston, Phillips 66 is a downstream energy company with segment-leading refining and marketing (R&M), midstream and chemicals businesses.
Its R&M operations include 15 refineries with a net crude oil capacity of 2.2 million barrels per day, 10,000 branded marketing outlets and 15,000 miles of pipeline systems.
Its R&M operations include 15 refineries with a net crude oil capacity of 2.2 million barrels per day, 10,000 branded marketing outlets and 15,000 miles of pipeline systems. The company markets fuels in the United States and Europe primarily under the brands Phillips 66, Conoco, 76 and JET. In addition to branded fuels, Phillips 66 also offers consumers a variety of lubricants, including 76 Lubricants, Conoco Lubricants, Phillips 66 Lubricants and Kendall Motor Oil.
In midstream, the company primarily conducts operations through its 50% interest in DCP Midstream LLC, one of the largest natural gas gatherers and processors in the United States. Phillips 66's Chemicals business is conducted through its 50% interest in Chevron Phillips Chemical Co. LLC.