The registrant had 436,926,058 shares of common stock outstanding at January 29, 2021. Certain Relationships and Related Transactions, and Director Independence 14814. Principal Accountant Fees and Services148PART IV15. The second dock commenced crude oil export operations in the fourth quarter of 2020. Phillips 66 Partners holds a 50% interest in the joint venture. Our net share of its capacity is 32,625 BPD. The O&P business line produces and markets ethylene and other olefin products. Alliance produces a high percentage of transportation fuels. Refinery facilities also include a specialty coker and calciner. The refinery produces a high percentage of transportation fuels. Billings RefineryThe Billings Refinery is located in Billings, Montana. Other products produced include fuel-grade petroleum coke. 8226;Capability—We strive to build depth and breadth in our skills. We are one of the largest refiners of petroleum products in the United States. See the environmental information contained in "Item 7. We do not produce any of our crude oil feedstocks. Most large-scale projects take several years to complete. We are exposed to the volatility in the market price of RINs. We may incur losses as a result of our forward contracts and derivative transactions. The risk of counterparty default is heightened in a poor economic environment. Set forth below is information about the executive officers identified above. These adverse effects may continue to be significant in the near term. Equity in earnings of affiliates decreased 21% in 2019. Impairments increased $853 million in 2019. During 2020, cash and cash equivalents increased $900 million to $2.5 billion. No distributions were made for the general partner interest after August 1, 2019. In December 2018, a third party acquired a 35% interest in the holding company. The facility also provides for customary fees, including commitment fees. At December 31, 2020 and 2019, no amount had been drawn under the facility. Commercial paper maturities are contractually limited to 365 days. The remainder of the proceeds are being used for general corporate purposes. These proceeds are being used for general corporate purposes. Phillips 66 is using the proceeds for general corporate purposes. 8226;$1.0 billion aggregate principal amount of 3.900% Senior Notes due 2024. &# Dakota Access filed an appeal and a request for a stay of the order, which was granted. The authorizations do not have expiration dates. The share repurchases are expected to be funded primarily through available cash. Sustaining capital will be used to enhance asset integrity and reliability. We do not reduce these liabilities for potential insurance or third-party recoveries. Should that occur, we could incur costs to replace those fraudulent RINs. In the future, we may incur significant costs under both CERCLA and RCRA. Our largest asset removal obligations involve asbestos abatement at refineries. Compliance with these limits is monitored daily by our global risk group. 77Table of ContentsIndex to Financial StatementsItem 8. We believe that our audit provides a reasonable basis for our opinion. Materials and supplies inventories are valued using the weighted-average-cost method. Interest is earned at the loan agreement's stated interest rate. See Note 15—Derivatives and Financial Instruments, for additional information.** The Southern Hills Pipeline system is operated by DCP Partners. Acquisitions of amortized intan
