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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 Partners (NYSE: PSXP) has canceled its webcast set for 2 p.m. EDT on Oct. 29, 2021, where it intended to discuss its third-quarter 2021 financial results. The Partnership will still release its financial results on the same date. Based in Houston, PSXP operates fee-based pipelines and terminals for crude oil and refined products, contributing significantly to its revenue stream.
Phillips 66 will acquire all publicly held common units of Phillips 66 Partners (PSXP) in an all-stock transaction valued at approximately
Phillips 66 (NYSE: PSX) has announced an agreement to acquire all publicly held common units of Phillips 66 Partners (NYSE: PSXP) not already owned by it, in an all-stock transaction valued at approximately $3.4 billion. Each PSXP unitholder will receive 0.50 PSX shares for each PSXP common unit. This acquisition aims to simplify corporate governance and is expected to close in the first quarter of 2022. The board of both companies has unanimously approved the transaction, which will position the partnership as a wholly owned subsidiary of Phillips 66.
Phillips 66 Partners LP (NYSE: PSXP) has declared a third-quarter 2021 cash distribution of $0.875 per common unit, translating to $3.50 annually. This distribution will be payable on November 12, 2021, to unitholders of record by October 29, 2021. The company operates primarily in crude oil, refined products, and natural gas pipelines and terminals. It is a master limited partnership formed by Phillips 66, headquartered in Houston.
Phillips 66 (NYSE: PSX) and Plug Power (NASDAQ: PLUG) have signed a memorandum of understanding to collaborate on developing low-carbon hydrogen business opportunities. The partnership aims to scale green hydrogen in industrial sectors and enhance hydrogen fueling for mobility. Plug Power is constructing facilities to produce 500 tons of liquid green hydrogen daily by 2025. The collaboration leverages Phillips 66's extensive energy infrastructure and market presence to accelerate growth in the hydrogen economy.
The board of directors of Phillips 66 (NYSE: PSX) has declared a quarterly dividend of 92 cents per share, marking a 2% increase. This dividend will be payable on December 1, 2021, to shareholders of record as of November 17, 2021. The company also repaid $500 million of its borrowings under a term loan agreement. Chairman and CEO Greg Garland highlighted their commitment to shareholder returns, noting a total of 10 dividend increases since 2012 and a 18% compound annual growth rate in dividends, alongside a $1 billion reduction in debt this year.
Phillips 66 (NYSE: PSX) announced plans to reduce greenhouse gas emissions intensity by 30% for Scope 1 and Scope 2 emissions and 15% for Scope 3 emissions by 2030, using 2019 levels as a baseline. The Chairman and CEO, Greg Garland, highlighted that these targets aim to drive innovation and create shareholder value while aligning with the Paris Agreement's ambitions. The company will enhance energy efficiency, increase renewable fuel production, and implement carbon capture technologies, all while maintaining a disciplined approach to capital allocation.
Phillips 66 (NYSE: PSX) will host a webcast at noon EDT on Friday, Oct. 29, to discuss its third-quarter 2021 financial results. The results will be released earlier that day, along with updates on strategic initiatives. The webcast can be accessed via the Phillips 66 Investors site, with a replay available shortly after the event.
As of June 30, 2021, Phillips 66 managed $57 billion in assets and employs over 14,000 individuals globally.
Phillips 66 Partners (NYSE: PSXP) will hold a webcast at 2 p.m. EDT on Friday, Oct. 29 to discuss its third-quarter 2021 financial results and operational updates. The results will be released earlier that day. Investors can access the webcast through the Events and Presentations section of the Phillips 66 Partners Investors site, with a replay available two hours post-event. Headquartered in Houston, Phillips 66 Partners focuses on owning and operating midstream assets, including pipelines and terminals.
Phillips 66 (NYSE: PSX) has announced an additional
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