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Paid for by Electronic Payments Coalition.

Hello, everyone, and welcome to Ed Barron's. I'm Andy Surwer and welcome to our guest Mark

Lacher CEO Phillips 66. Mark, great to see you. Thanks for joining us.

Thanks for having me Andy. I appreciate it. So you all are in downstream operations at this point

which is retail assets, chemicals, refining Phillips out of Bartlesville, Oklahoma,

originally, but you're in Houston.

Originally, yes.

I actually started my career in Bartlesville.

Is that right?

All right.

Yeah.

So tell us about the downstream and why that's a good business to be in.

Sure, downstream is a great business.

We spun out of Conoco Phillips inips in 2012, a big integrated measure.

And downstream means everything next step down away from exploration and production of crude oil.

So we've got systems that gather natural gas liquids, gas, crude oil and process it and turn it into things that you need to use every day.

So we've got gas processing facilities, we've got pipelines that bring crude oil to our refineries,

...