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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) 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
Phillips 66 (NYSE: PSX) announced a $500,000 contribution to the American Red Cross to aid Hurricane Ida relief efforts in southeastern Louisiana. The hurricane, which struck on August 29, caused widespread devastation and power outages. All of Phillips 66's nearly 500 employees in the affected area are confirmed safe. The American Red Cross expressed gratitude for the support, highlighting its importance in providing shelter and assistance to thousands impacted by the disaster. Phillips 66, based in Houston, operates across energy sectors with $57 billion in assets as of June 30, 2021.
Phillips 66 (NYSE: PSX) has announced its agreement to acquire a 16% stake in NOVONIX Limited (ASX: NVX, OTC: NVNXF) for US$150 million. This investment aims to bolster the U.S. battery supply chain and supports NOVONIX’s capacity expansion to produce synthetic graphite, crucial for lithium-ion batteries. The deal involves Phillips 66 subscribing to 77,962,578 ordinary shares and will allow them to nominate one director on NOVONIX's Board. The investment aligns with Phillips 66’s commitment to lower-carbon solutions and is subject to NOVONIX shareholders' approval.
Phillips 66 is enhancing its advanced analytics capabilities through an investment in Seeq, a software developer for process manufacturing data analytics. This marks the first investment from Phillips 66's Digital Ventures team, part of the AdvantEdge66 program aimed at digital transformation. Zhanna Golodryga, Chief Digital Officer, highlighted the potential of data to drive innovation and improve products. Seeq, based in Seattle, offers Industrial Internet of Things applications to visualize and analyze manufacturing data, helping stakeholders optimize operations and outcomes.
Phillips 66 (PSX) reported a second-quarter 2021 profit of $296 million, a notable recovery from a $654 million loss in Q1 2021. Adjusted earnings totaled $329 million, contrasting sharply with an adjusted loss of $509 million in the previous quarter. The uptick was driven by strong demand post-winter storms, particularly in the Chemicals segment, which saw adjusted pre-tax income rise to $657 million. However, Refining continued to struggle with a pre-tax loss of $706 million. The company remains committed to lower-carbon initiatives and returned $394 million in dividends to shareholders.
Phillips 66 (NYSE: PSX) has announced a change in the timing of its second-quarter earnings conference call, now set for 1 p.m. EDT on August 3, 2021. During the call, executive management will discuss the company's financial results and strategic initiatives. The earnings report will be released earlier that day. Investors can access the webcast via the company’s website, with replays and transcripts available post-event.
As of March 31, 2021, Phillips 66 reported $55 billion in assets and operates a diversified energy portfolio.
The board of directors of Phillips 66 (PSX) has appointed Denise R. Cade and Douglas T. Terreson as independent directors, effective July 14, 2021. Cade will serve on the audit and finance committee as well as the public policy and sustainability committee, while Terreson will join the human resources and compensation committee along with the public policy and sustainability committee. This brings the total number of directors to 11, with 10 being independent. Cade and Terreson bring extensive experience from various sectors, enhancing the board's expertise in legal and energy industries.
The board of directors of Phillips 66 has declared a quarterly dividend of 90 cents per share. This dividend is payable on September 1, 2021, to shareholders of record as of the close of business on August 18, 2021. Phillips 66 is a diversified energy manufacturing and logistics company with a portfolio that includes Midstream, Chemicals, Refining, and Marketing and Specialties businesses. As of March 31, 2021, the company had $55 billion in assets.
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