Welcome to our dedicated page for Phillips 66 news (Ticker: PSX), a resource for investors and traders seeking the latest updates and insights on Phillips 66 stock.
Phillips 66 (PSX) delivers essential energy solutions through refining, midstream operations, and petrochemical production. This news hub provides investors and industry observers with timely updates on strategic developments across all business segments.
Access consolidated coverage of earnings announcements, refinery optimizations, pipeline expansions, and sustainability initiatives. Our repository simplifies tracking of PSX's operational milestones and market positioning in the evolving energy landscape.
Key updates include quarterly financial results, infrastructure investments, and partnership announcements. Bookmark this page for direct access to primary source materials and analysis of PSX's role in shaping energy markets through its integrated business model.
Phillips 66 (NYSE: PSX) aims to cut its greenhouse gas emissions intensity by 50% by 2050, enhancing its prior targets. This commitment reflects the company's strategy to support the Paris Agreement and contribute to climate solutions while creating shareholder value. The 2022 capital program includes $1.9 billion, with 45% allocated to lower-carbon projects. Phillips 66 is actively pursuing opportunities in renewable energy and has a dedicated research group for developing lower-carbon technologies. CEO Greg Garland emphasized the need for broader systemic changes to achieve emissions reduction goals.
Phillips 66 Partners LP (NYSE: PSXP) has submitted its annual report on Form 10-K for the fiscal year ending December 31, 2021, to the SEC. The report includes audited financial statements and can be accessed on the Partnership's website and the SEC’s site. Unitholders can request a hard copy of the report free of charge by contacting Phillips 66 in Bartlesville, OK. Phillips 66 Partners is a master limited partnership focused on owning and operating midstream assets, including pipelines and terminals for crude oil and natural gas liquids.
The board of directors of Phillips 66 (PSX) has declared a quarterly dividend of 92 cents per share. This dividend is scheduled for payment on March 1, 2022, to shareholders on record as of February 22, 2022. With a diverse portfolio in energy manufacturing and logistics, Phillips 66 reported $56 billion in assets as of December 31, 2021, and employs around 14,000 individuals dedicated to operational excellence.
Phillips 66 (NYSE: PSX) and H2 Energy Europe have launched a joint venture to establish up to 250 hydrogen refueling stations in Germany, Austria, and Denmark by 2026. The collaboration aims to enhance the hydrogen infrastructure through a 50-50 partnership focused on combining the strengths of both companies. Phillips 66's extensive retail presence will facilitate the initiative, while H2 Energy will handle hydrogen production and logistics. The venture is contingent on regulatory approvals and is seen as a step towards a lower-carbon future.
Phillips 66 Partners LP (PSXP) reported fourth-quarter 2021 earnings of $286 million, or $1.19 per diluted common unit. Adjusted EBITDA increased to $400 million from $367 million in the previous quarter, fueled by deferred revenue recognition and higher volumes. Cash from operations was $302 million with distributable cash flow of $267 million. The board declared a cash distribution of $0.875 per common unit. Phillips 66 also announced plans to acquire all publicly held units of PSXP, with the merger expected to close in Q1 2022.
Phillips 66 reported Q4 2021 earnings of $1.3 billion or $2.88 per share, with adjusted earnings of $1.3 billion or $2.94 per share. The company generated $1.8 billion in operating cash flow and approved a $1.9 billion capital program for 2022. They initiated operations of the C2G Pipeline and increased the quarterly dividend to 92 cents per share. Full-year 2021 results showed $6.0 billion in operating cash flow, with record earnings in Midstream, Chemicals, and Marketing.
Phillips 66 (NYSE: PSX) and NOVONIX Limited (ASX: NVX, OTC: NVNXF) have entered a technology development agreement to enhance production of advanced anode materials for lithium-ion batteries. This collaboration follows Phillips 66's 16% investment in NOVONIX in 2021, aiming at scaling production and supporting the U.S. battery supply chain. The partnership will focus on manufacturing high-capacity synthetic graphite to improve battery performance while reducing costs and environmental impact.
Phillips 66 Partners LP (NYSE: PSXP) announced a cash distribution of $0.875 per common unit for the fourth quarter of 2021. This distribution is payable on February 14, 2022, to unitholders of record by January 31, 2022. The company operates in the midstream sector, focusing on crude oil, refined petroleum products, and natural gas pipelines and terminals. Notably, all distributions to foreign investors are subject to federal income tax withholding at the highest applicable rate.
Phillips 66 (NYSE: PSX) will host a webcast on January 28, 2022, at noon EST to discuss its fourth-quarter 2021 financial results. The results will be released earlier that day, accompanied by updates on strategic initiatives. The webcast can be accessed via the Phillips 66 Investors site, with a replay available shortly after the event. Phillips 66 is a diversified energy manufacturing and logistics company with $56 billion in assets as of September 30, 2021.
AM Best has affirmed the Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Ratings of 'a' (Excellent) for Spirit Insurance Company and Radius Insurance Company, with a stable outlook. These ratings reflect their strong balance sheets, adequate operating performance, and robust enterprise risk management. Both companies benefit from financial support as captive insurers for Phillips 66 (PSX), which enhances their operational stability. Spirit and Radius are involved in onshore and limited offshore property and liability businesses, with favorable loss experiences due to effective loss control measures.
