Name: Phillips 66 CEO on How Inconsistent Regulation Impacts the Energy Market
Uploaded: 2026-01-13T14:50:00Z
Duration: 3 min 35 s
Description: Phillips 66 CEO Mark Lashier talks to Barron’s Andy Serwer about the need for consistent regulation and the importance of maintaining access to a variety of crude oils. This interview was recorded on Dec. 16, 2025.

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Phillips 66 CEO Mark Lashier talks to Barron’s Andy Serwer about the need for consistent regulation and the importance of maintaining access to a variety of crude oils. This interview was recorded on Dec. 16, 2025.

https://m.wsj.net/video/20260113/9fe4aa72-bd13-4c9c-85c0-30439bad64b0/1/hls/manifest-hd-wifi.m3u8

Phillips 66 CEO on How Inconsistent Regulation Impacts the Energy Market

You hear a lot about regulation, deregulation, things need to be deregulated, they were too regulated. What's your take on what that situation is right now?

What we've been advocating for in Congress is trying to address, as we speak, is some more consistent regulation on new infrastructure, pipelines that cross state lines, that we can't afford to invest in things that have these perpetual challenges in courts. That once we get a permit and that we've done everything right, we can still be taken to court and sued. And so what Congress is trying to do is to put a firm foundation that allows this infrastructure that we so need to keep access to clean, affordable energy in place. And it's not just for pipelines, it's also for electrical grids that we're gonna need. As the AI boom goes forward, we're gonna need more and more power. So we have to have the ability to get projects approved efficiently and that that approval is sustained.

And so how do you see the situation in the United States with the resources we have versus resources in other countries, let's say like, in particular, Venezuela, Saudi Arabia? How important is it to develop those resources and be able to bring them into the US market? Or can we go it alone with say, the Permian and the other places we have here?

I think it's very important for the economics of the US, and even national security, that we have a wide variety of crudes that we can access. So we should be able to ensure that we can access the optimum crudes for our system, the optimum crudes for our economy. But we've built into our facilities and continue to invest in opportunities to be flexible on which crudes we can operate. For instance, we have assets that were built, designed to process heavy crudes from Venezuela. Canada produces heavy crudes. So those assets can use those crudes quite well. But we're investing in some flexibility so we can consume also, without penalty, the lighter, sweeter crudes that are being produced in the Permian Basin. So we want to flex and be able to process whatever crude in that moment in time makes the most sense.

Right, and then how does that inform you as to say the outlook for the business over the next 5 to 10 years? And, you know, you've got the heavy hand of politics sometimes coming into play, sometimes not. I don't know which you prefer. I guess it depends what sort of politics you're talking about.

Well, first and foremost, we have to focus, as I said earlier, on the things that we can control. So safe, reliable operation, maximizing the productivity of our facilities, producing the highest value products we can produce. But then we also have to engage in the political process. We've got great teams on the ground in DC or in California that can help craft and create the policies that we need to really have a robust energy system in North America. We've got politicians that are working in earnest to do the right things, but sometimes they don't understand the unintended consequences of the decisions they're making. And so we spend a lot of time talking to politicians and talking to their staff members about what their policies will do to our industry. And we have great conversations, both with the federal government and in local governments, state governments, California, Texas, New Mexico. Every place that we do business, we wanna make sure that we get the information in the hands of the policymakers so they can make better decisions that promote access to clean, affordable energy.