Phillips 66 at Bank of America Merrill Lynch Refining Conference Transcript
So our next speaker is Phillips 66. Jeff Dietert from Investor Relations is milling around somewhere. He'll be on the stage here in a second. And our speaker this morning is Bob Herman, who's Executive Vice President of Refining. So Bob, we'll have plenty of time for Q&A, but thank you for making the trip to New York. Appreciate it.
Okay. Thanks, Doug, and good morning, everyone. So it's a pleasure to be here at Bank of America Merrill Lynch with you this morning and I appreciate your interest in Phillips 66.
So 2018, Phillips 66 delivered record earnings and operating cash flow. In addition to that, we strongly rewarded our shareholders last year with strong distributions.
So our Refining portfolio last year, we were well positioned to take advantage of the light-heavy crude distillate that came particularly in the fourth quarter, and the strong distillate margins that
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