Add as a preferred source on GoogleEnergy Department Approves Up to 400,000-Barrel SPR Exchange
The crude will come from the West Hackberry site for immediate delivery. Phillips 66 must return the borrowed crude with additional premium barrels.
On Oct. 23, the U.S. Department of Energy (DOE) authorized up to 400,000 barrels of Strategic Petroleum Reserve crude in an emergency exchange for Phillips 66’s Lake Charles refinery after a supply disruption.
DOE designated the West Hackberry site as the source and authorized immediate delivery. Phillips 66 must return all borrowed crude plus additional premium barrels. The authorization does not specify the final delivery volume, premium amount or repayment deadline.
“This emergency exchange helps alleviate supply disruption,” DOE Under Secretary of Energy Kyle Haustveit said.
A Phillips 66 spokesperson said the refinery would receive SPR crude. “We do not anticipate impacts to Lake Charles operations,” the spokesperson said, while declining to comment on refinery operations or commercial activity.
As of Jan. 1, 2026, its listed crude distillation capacity was 263,700 barrels per calendar day. SPR inventories totaled 282.683 million barrels for the week ended Oct. 16.
The exchange uses a repayable structure also outlined in an earlier SPR solicitation.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.