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Phillips 66 (NYSE: PSX) is a leading diversified energy manufacturing and logistics company. Headquartered in Houston, Texas, Phillips 66 operates with a commitment to safety, honor, and reliability. The company’s core operations include the refining and marketing of petroleum products, such as gasoline, diesel, jet fuel, and lubricants. With 12 refineries and a total crude throughput capacity of 1.8 million barrels per day (mmb/d), Phillips 66 stands as a significant player in the energy sector.
Beyond refining, Phillips 66 is involved in the midstream sector, encompassing extensive transportation and natural gas liquids (NGL) processing assets. A noteworthy segment is DCP Midstream, which boasts 600 mbd of NGL fractionation and 22,000 miles of pipeline infrastructure. The company's presence in the chemicals sector is bolstered by its CPChem joint venture, which operates facilities in the United States and the Middle East, producing essential industrial chemicals like olefins and polyolefins.
In 2023, Phillips 66 marked a significant milestone by converting its Rodeo, California, facility to produce renewable diesel, reflecting the company’s commitment to sustainable energy solutions. This initiative is part of a broader strategy to enhance returns, grow the company, and increase distributions to shareholders while maintaining a high-performing team.
Phillips 66’s commitment to community and partnership is evident through collaborations such as the recent $100,000 contribution towards revamping the basketball courts in the Parade Park community in Kansas City, Missouri. This project aims to provide safer and more functional recreational spaces, reflecting Phillips 66’s dedication to fostering community engagement and supporting local youth.
The company employs approximately 14,000 people worldwide, each dedicated to upholding the values of safety, honor, and commitment. Phillips 66 continues to forge strong partnerships with suppliers and stakeholders, creating jobs and driving economic growth.
For more information on Phillips 66 and their initiatives, visit phillips66.com or follow their updates on LinkedIn.
Phillips 66 (PSX) reported third-quarter 2024 earnings of $346 million ($0.82 per share), with adjusted earnings of $859 million ($2.04 per share), down from Q2's $1.0 billion. The company returned $1.3 billion to shareholders through dividends ($477M) and share repurchases ($800M). Notable achievements include reaching a $1.4 billion run-rate business transformation savings target and progressing toward a $3 billion asset disposition goal, with recent agreements including the sale of a 49% stake in a Switzerland retail venture for $1.24 billion. The quarter saw mixed segment performance, with Chemicals improving while Refining and Renewable Fuels segments declined.
Phillips 66 (NYSE: PSX) has announced plans to cease operations at its Los Angeles-area refinery in the fourth quarter of 2025. The company will work with California to supply fuel markets and meet consumer demand. Approximately 600 employees and 300 contractors will be affected by this decision.
Phillips 66 cites market dynamics and long-term sustainability concerns as reasons for the closure. The company is collaborating with real estate development firms to evaluate future use of its 650-acre sites in Wilmington and Carson, California. Phillips 66 remains committed to serving California and will continue to supply gasoline from various sources, as well as renewable diesel and sustainable aviation fuels from its Rodeo Renewable Energy Complex.
The company aims to create a transformational project that supports the environment, generates economic development, creates jobs, and improves regional infrastructure.
Phillips 66 (NYSE:PSX) has announced that its subsidiary, Phillips 66 , will sell its 49% non-operated equity interest in Coop Mineraloel AG (CMA) to its Swiss joint venture partner. The company will receive 1.06 billion Swiss francs (approximately $1.24 billion), including a 1 billion Swiss franc sales price and an assumed dividend of 60 million Swiss francs for 2024.
This transaction is part of Phillips 66's commitment to over $3 billion in divestitures. CMA operates 324 retail sites and petrol stations across Switzerland. The sale proceeds will support Phillips 66's strategic priorities, including returns to shareholders. The transaction is subject to approval by the Swiss Competition Commission and is expected to close in the first quarter of 2025.
Phillips 66 (NYSE: PSX) has announced its quarterly dividend. The company's board of directors has declared a dividend of $1.15 per share on Phillips 66 common stock. This dividend will be payable on Dec. 2, 2024, to shareholders who are on record as of the close of business on Nov. 18, 2024.
Phillips 66 (NYSE: PSX) has appointed Grace Puma Whiteford to its board of directors, effective Oct. 10. She will serve on the Human Resources and Compensation Committee and the Public Policy and Sustainability Committee. Puma Whiteford brings extensive experience in operations, procurement, and safety, having retired in 2022 as executive vice president and chief operations officer at PepsiCo. She currently serves on the boards of Target and Organon & Co.
Puma Whiteford has been recognized for her leadership, including being named to Fortune magazine's Most Powerful Latina list multiple times and inducted into the inaugural Most Powerful Latinas Hall of Fame. With her appointment, the Phillips 66 board now consists of 14 directors, with 13 being independent.
Phillips 66 (NYSE: PSX) has announced it will release its third-quarter 2024 financial results on Tuesday, October 29, 2024. The company's executive management will host a webcast at noon ET on the same day to discuss these results. Investors and interested parties can access the webcast through the Events and Presentations section of the Phillips 66 Investors website at phillips66.com/investors. For those unable to attend the live event, a replay of the webcast will be archived on the same page approximately two hours after the event concludes. Additionally, a transcript of the webcast will be made available at a later date.
Phillips 66 (NYSE: PSX) reported strong second-quarter 2024 results, with earnings of $1.0 billion or $2.38 per share, and adjusted earnings of $984 million or $2.31 per share. The company returned $1.3 billion to shareholders through dividends and share repurchases. Key highlights include:
- Record Midstream NGL pipeline and fractionation volumes
- Strong Refining operations with 98% crude utilization and 86% clean product yield
- Achieved $1.3 billion in run-rate business transformation savings
- Progressed asset dispositions, including the sale of Rockies Express Pipeline stake for $685 million
- Completed conversion of Rodeo Renewable Energy Complex
The company is on track to achieve its $13-15 billion shareholder return target by year-end and continues to focus on strategic priorities and operational excellence.
Phillips 66 (NYSE: PSX), a leading energy provider, has selected Cohesity to modernize its data protection operations. By implementing Cohesity DataProtect, Phillips 66 has consolidated its previously fragmented data protection environment, which consisted of five separate tools. This consolidation has resulted in:
1. Reduced management time and increased efficiency
2. Enhanced data security
3. Cost savings over a three-year period
4. Decreased cloud costs
5. Improved focus on value-driving activities
The move allows Phillips 66 to implement comprehensive security features and future-proof its business. Rick Snell, Phillips 66's Digital Foundations and Enterprise Architecture manager, expressed confidence in the advanced security capabilities provided by Cohesity's platform approach.
Phillips 66 (NYSE: PSX) has announced a quarterly dividend of $1.15 per share on its common stock. The dividend is set to be paid on September 3, 2024, to shareholders who are recorded as of August 20, 2024. This announcement underscores the company's ongoing commitment to returning value to its shareholders.
Phillips 66 (NYSE: PSX) announced the full conversion of the Rodeo Renewable Energy Complex, boosting its renewable fuel production to approximately 50,000 barrels per day (BPD) or 800 million gallons per year. This milestone, reached by the second quarter of 2024, underscores the company's efforts in energy transition and commitment to lower-carbon solutions. The Rodeo facility produces renewable diesel and sustainable aviation fuel (SAF) using feedstocks like used cooking oil and vegetable oils. This development supports the rising demand for renewable fuels and aims to create long-term value for shareholders.
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