Are Renewable Fuels the Next Step for Phillips 66?

America's largest refiner, Phillips 66 (NYSE: PSX), announced its plans to convert its San Francisco Refinery in Rodeo, California, from fuels made from crude oil to fuels made from cooking oil, fats, greases, and soybean oils. Known as Rodeo Renewed, the project is expected to be the world's largest renewable fuels plant when the full conversion is completed in 2024. 

Rodeo Renewed signifies a bold push toward sustainability for Phillips 66. If successful, more conversions could follow as the company continues to invest in environmental, social, and governance (ESG) projects. Here's what the project entails and what Phillips 66 expects from Rodeo Renewed.

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