Kevin Mitchell
Executive Vice President & CFO at Phillips 66
Debt increased primarily due to the acquisition of the Coastal Bend assets for $2,200,000,000 We funded $587,000,000 of capital spending and returned $9.00 $6,000,000 to shareholders through share repurchases and dividends. Our ending cash balance was $1,100,000,000 Looking ahead to the third quarter on Slide 10. In Chemicals, we expect the global O and P utilization rate to be in the mid-90s. In Refining, we expect the worldwide crude utilization rate to be in the low to mid-90s and turnaround expense to be between 50,000,000 and $60,000,000 We continue to optimize turnarounds and improve performance. We are reducing the full year turnaround guidance by $100,000,000 The new guidance is 400,000,000 to $450,000,000 compared to the previous guidance of $500,000,000 to $550,000,000 We anticipate corporate and other costs to be between $350,000,000 and $370,000,000 Now we will move to Slide 11 and open the line for questions, after which Mark will wrap up the call.