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Ryze Renewables Partners with Phillips 66 to Build Next-Gen Renewable Diesel Fuel Plants in Nevada

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Upon completion, the two plants will produce 11,000 barrels per day
(BPD) of renewable diesel fuel

Ryze Renewables announced today that construction is underway for two
renewable diesel production facilities in Nevada. Once operational,
these plants will manufacture high-cetane renewable diesel fuel from
agricultural oils and animal fats, using a patented hydrogenation
technology that is more efficient than current conversion processes.

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https://www.businesswire.com/news/home/20180827005607/en/

When completed, the two Ryze Renewables facilities are expected to
produce a combined 11,000 barrels per day (BPD) of renewable diesel fuel
for Western U.S. and Canadian markets.

"We are excited to be building the next generation of renewable fuel
plants," said Matt Pearson, Ryze Renewables managing director. "The
output of these facilities will help businesses and motorists achieve
the ever-increasing demand for renewable fuels on the West Coast."

For this project, Ryze Renewables has partnered with Phillips 66 (NYSE: PSX), an energy manufacturing and logistics company. Through a long-term
supply and offtake agreement, Phillips 66 will supply both plants with
feedstock and move 100 percent of the renewable product from the plants
to customers in West Coast markets.

"These innovative Nevada plants are strategically located to provide our
western customers with an efficient, reliable source of renewable diesel
fuels," said Brian Mandell, senior vice president, Marketing and
Commercial, Phillips 66.

Renewable diesel fuel is a "drop-in" fuel that does not need to be
blended with traditional diesel like current biodiesels. Additionally,
producing renewable diesel has lower overall emissions than other
biofuels, which translates to a low carbon intensity (CI) score and
maximizes the low-carbon fuel standard (LCFS) credit from the California
Air Resources Board.

The first plant in Reno is expected to come online in mid-2019, while
the second facility in Las Vegas will become operational starting in
early 2020.

Construction of the two plants is expected to create more than 750
construction jobs, and once completed, will add more than 140 permanent
full-time positions in the Reno and Las Vegas areas.

About Ryze Renewables

Ryze Renewables is a producer of renewable fuels from non-edible
renewable and waste feedstocks. Its products allow customers to lower
their carbon footprint using high-quality fuels that are 100% American
made. For more information, visit www.ryzerenewables.com.

About Phillips 66

Phillips 66 is a diversified energy manufacturing and logistics company.
With a portfolio of Midstream, Chemicals, Refining, and Marketing and
Specialties businesses, the company processes, transports, stores and
markets fuels and products globally. Phillips 66 Partners, the company's
master limited partnership, is integral to the portfolio. Headquartered
in Houston, the company has 14,400 employees committed to safety and
operating excellence. Phillips 66 had $55 billion of assets as of June
30, 2018. For more information, visit http://www.phillips66.com
or follow us on Twitter @Phillips66Co.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, which
are intended to be covered by the safe harbors created thereby. Words
and phrases such as "is anticipated," "is estimated," "is expected," "is
planned," "is scheduled," "is targeted," "believes," "continues,"
"intends," "will," "would," "objectives," "goals," "projects,"
"efforts," "strategies" and similar expressions are used to identify
such forward-looking statements. However, the absence of these words
does not mean that a statement is not forward-looking. Forward-looking
statements relating to Phillips 66's operations (including joint venture
operations) are based on management's expectations, estimates and
projections about the company, its interests and the energy industry in
general on the date this news release was prepared. These statements are
not guarantees of future performance and involve certain risks,
uncertainties and assumptions that are difficult to predict. Therefore,
actual outcomes and results may differ materially from what is expressed
or forecast in such forward-looking statements. Factors that could cause
actual results or events to differ materially from those described in
the forward-looking statements include fluctuations in NGL, crude oil,
and natural gas prices, and petrochemical and refining margins;
unexpected changes in costs for constructing, modifying or operating our
facilities; unexpected difficulties in manufacturing, refining or
transporting our products; lack of, or disruptions in, adequate and
reliable transportation for our NGL, crude oil, natural gas, and refined
products; potential liability from litigation or for remedial actions,
including removal and reclamation obligations under environmental
regulations; limited access to capital or significantly higher cost of
capital related to illiquidity or uncertainty in the domestic or
international financial markets; and other economic, business,
competitive and/or regulatory factors affecting Phillips 66's businesses
generally as set forth in our filings with the Securities and Exchange
Commission. Phillips 66 is under no obligation (and expressly disclaims
any such obligation) to update or alter its forward-looking statements,
whether as a result of new information, future events or otherwise.

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