PHILLIPS 66 - PSX STOCK NEWS

Laser Photonics (NASDAQ: LASE) has secured a dual order from Phillips 66, a Fortune 500 oil refiner, for its CleanTech IR-3040 and MarkStar PM-2010 laser systems. The CleanTech IR-3040, a handheld laser cleaning system, will be used for scale removal during pipe and vessel maintenance and surface preparation. The MarkStar PM-2010, a desktop laser marking system, will mark data plates for refinery pressure vessels. Phillips 66 plans to test these technologies at its pioneer site to potentially replace traditional sandblasting processes, aiming to optimize operations, improve safety, and reduce environmental impact.

Phillips 66 (NYSE: PSX) has announced it will host a webcast on Friday, January 31, 2025, at noon ET to discuss its fourth-quarter and full-year 2024 financial results. The financial results will be released earlier on the same day. The webcast will be accessible through the Events and Presentations section of the Phillips 66 Investors website. A replay will be available approximately two hours after the event, followed by a transcript at a later date.

Phillips 66 (NYSE: PSX) has agreed to sell its 25% non-operated equity interest in Gulf Coast Express Pipeline to an ArcLight Capital Partners affiliate for $865 million in pre-tax cash proceeds. This sale exceeds Phillips 66's $3 billion asset divestiture target. The Gulf Coast Express Pipeline is a 500-mile system transporting approximately 2 billion cubic feet of natural gas daily from the Permian Basin to Agua Dulce, Texas. The transaction, valued at 10.6x expected 2025 EBITDA, is set to close in January 2025. Proceeds will support shareholder returns and debt reduction. Post-sale, the pipeline will be jointly owned by Kinder Morgan and ArcLight Capital Partners affiliates.

Phillips 66 (NYSE: PSX) has announced its 2025 capital budget of $2.1 billion, comprising $998 million for sustaining capital and $1.1 billion for growth capital. The budget focuses on strengthening the company's NGL wellhead-to-market value chain and enhancing refining competitiveness.

Key allocations include $975 million for Midstream operations, $822 million for Refining, and investments in Marketing and Specialties, Renewable Fuels, and Corporate projects. Additionally, Phillips 66's share of capital spending through joint ventures with CPChem and WRB is expected to be $877 million, bringing the total 2025 capital program to $3 billion.

Phillips 66 has partnered with NextEra Energy Resources to build a 30.2 MW solar facility that will power the Rodeo Renewable Energy Complex. The facility will reduce grid power demand by 50% and avoid approximately 33,000 metric tons of CO2 emissions annually starting Q1 2025.

The solar installation, spanning 88 acres and featuring over 70,000 solar modules, will generate about 60,000 MWh/year of electricity, equivalent to powering 23,000 electric vehicles annually. The project has created 130 local union construction jobs.

The Rodeo Complex, which produces renewable diesel and sustainable aviation fuel from lower-carbon feedstocks, reached full processing capacity of 50,000 BPD in June after transitioning to renewable feedstocks in March.

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.