PHILLIPS 66 - PSX STOCK NEWS

Phillips 66 (NYSE: PSX) announced a $250,000 contribution to Greenwood Rising, a center in Tulsa’s Greenwood District dedicated to honoring the victims of the 1921 Tulsa Race Massacre. This center aims to educate the public about the massacre and celebrate the resilience of the Black community in Tulsa. The dedication will occur on June 2, marking nearly 100 years since the tragic event. The funding will support educational programming, field trips for local schools, and the creation of educational materials to ensure the lessons of history are preserved and taught.

Members of the Phillips 66 Executive Leadership Team will participate in virtual fireside chats at the 2021 Wells Fargo Energy Conference on June 2 and the J.P. Morgan Energy, Power and Renewables Conference on June 22, both at 1:20 p.m. EDT. They will discuss value creation amid an evolving energy landscape and update on strategic initiatives, emphasizing disciplined capital allocation. The webcasts can be accessed through the Investors section of the Phillips 66 website, with replays and transcripts available post-event.

The board of directors of Phillips 66 (NYSE: PSX) has declared a quarterly dividend of 90 cents per share on common stock. This dividend will be payable on June 1, 2021, to shareholders on record as of the close of business on May 24, 2021. The company, a leader in the energy sector, has a diverse portfolio including Midstream, Chemicals, Refining, and Marketing. As of March 31, 2021, Phillips 66 reported $55 billion in assets.

Phillips 66 (NYSE: PSX) will conduct its 2021 Annual Meeting of Shareholders on May 12 at 9 a.m. CDT via live webcast. Shareholders of record as of March 17, 2021, can attend using a 16-digit control number from their proxy cards. Those not voting can access the meeting as guests. Participants are advised to check in 15 to 30 minutes early. A replay of the meeting will be available on the Investors site 24 hours post-meeting. Phillips 66, a diversified energy company, had $55 billion in assets as of March 31, 2021, and is headquartered in Houston.

Phillips 66 (NYSE: PSX) reported a first-quarter 2021 loss of $654 million, up from a loss of $539 million in Q4 2020. Excluding special items, the adjusted loss was $509 million, marginally higher than the $507 million loss in the previous quarter. The results were adversely influenced by severe winter storms and the ongoing COVID-19 pandemic. The company paid $394 million in dividends and repaid $500 million of debt during the quarter. Despite challenges, Phillips 66 commenced renewable diesel production and advanced several strategic projects, boasting a liquidity of $6.7 billion.

Phillips 66 (NYSE: PSX) and Southwest Airlines (NYSE: LUV) have signed a memorandum of understanding to promote sustainable aviation fuel (SAF). The partnership aims to enhance public awareness and research, while paving the way for a potential supply agreement related to Phillips 66's Rodeo Renewed project in California. SAF, produced from renewable sources, is designed to meet lower carbon-intensity standards and is compatible with existing aircraft engines. The Rodeo project is expected to generate 800 million gallons of renewable fuel annually upon completion in early 2024.

Southwest Airlines (NYSE: LUV) announced collaborations with Marathon Petroleum (NYSE: MPC) and Phillips 66 (NYSE: PSX) to develop sustainable aviation fuel (SAF). The partnerships aim to promote SAF policies, enhance commercialization, and raise public awareness of SAF benefits. Southwest plans to integrate SAF into its California operations, potentially sourcing from MPC's Martinez Renewable Fuels facility and Phillips 66's Rodeo Renewed facility. These facilities are projected to produce at least 300 million gallons of SAF by 2025, addressing carbon reduction goals while meeting a substantial portion of Southwest's jet fuel demand.

Phillips 66 (NYSE: PSX) has announced a strategic investment in a new soybean-processing plant in Iowa, providing the company with a minority stake in Shell Rock Soy Processing. The facility is expected to produce around 4,000 barrels per day of soybean oil, which Phillips 66 will purchase entirely for its renewable fuels projects. This move is part of the company’s broader strategy to enhance its renewable diesel capabilities, including plans to convert its Rodeo Refinery into one of the largest renewable fuels facilities globally, projected to complete in early 2024.

Trial lawyers have requested the consolidation of lawsuits from Parkinson's disease patients linked to paraquat herbicides into a single federal case. With over 20 lawsuits filed, this multidistrict litigation (MDL) aims to enhance efficiency and expedite justice for affected individuals. The lawsuits involve companies like Syngenta and Chevron Phillips Chemical Co., both accused of causing harm from paraquat exposure. Notably, paraquat has been associated with severe health risks and is banned in over 50 countries due to its dangers.