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) executives, including CEO Greg Garland, will participate in a fireside chat at the Goldman Sachs Global Energy and Clean Technology Conference on January 5, 2022, at 11 a.m. EST. They will discuss the company's strategic initiatives, focusing on energy transition and disciplined capital allocation. The event can be accessed via the Phillips 66 Investors site, with a replay available shortly after. As of September 30, 2021, Phillips 66 holds $56 billion in assets and employs 14,100 people.
Phillips 66 (NYSE: PSX) announced a $1.9 billion capital program for 2022, allocating $992 million for sustaining capital and $916 million for growth capital, with approximately 45% directed towards lower-carbon opportunities. The Midstream capital plan is set at $703 million, while refining will receive $896 million, focusing on safety, reliability, and the Rodeo Renewed project to produce renewable fuels. Total projected capital spending, including joint ventures, is approximately $3.0 billion.
British Airways has entered into a multi-year agreement with Phillips 66 Limited to supply sustainable aviation fuel (SAF) from the Humber Refinery, marking the first large-scale SAF production in the UK. Starting in early 2022, this partnership aims to power flights while significantly reducing lifecycle CO2 emissions by nearly 100,000 tonnes, equivalent to 700 zero-emission flights from London to New York. This initiative aligns with British Airways' goal of achieving net-zero carbon emissions by 2050, supported by a $400 million investment from its parent company, International Airlines Group.
Members of the Phillips 66 (NYSE: PSX) Executive Leadership Team will participate in a fireside chat at the BofA Securities Global Energy Conference on Thursday, Nov. 18, 2021, at 3 p.m. EST. They will discuss strategic initiatives to enhance their diversified portfolio, focus on lower-carbon efforts, and ensure shareholder returns. The webcast will be available on the Phillips 66 Investors site, with a replay accessible two hours post-event. As of Sept. 30, 2021, the company had $56 billion in assets.
Phillips 66 (NYSE: PSX) has announced the redemption of its entire outstanding principal amount of $450 million in Floating Rate Senior Notes due December 15, 2021. The redemption will be funded using cash on hand. This action reflects the company's commitment to debt reduction, as they aim to pay down a total of $1.5 billion of debt for 2021. The announcement emphasizes a disciplined approach to capital allocation and a potential return to pre-pandemic debt levels.
Phillips 66 (NYSE: PSX) announced plans to convert its Alliance Refinery in Belle Chasse, Louisiana, into a terminal facility, expected to be completed in 2022. This decision follows extensive evaluation and considerations about repairing damage from Hurricane Ida. CEO Greg Garland emphasized the refinery's transformation into a midstream asset due to its existing infrastructure and location. The transition will significantly affect approximately 900 employees and contractors, and the company is committed to supporting them through this change. Phillips 66 continues to operate 12 refineries in the U.S. and Europe.
Majed Nachawati has been appointed co-lead counsel for consolidated litigation in California regarding paraquat-based herbicides, including Gramoxone, and their alleged link to Parkinson's disease. The lawsuits target Syngenta and Chemical Co., associated with Chevron (CVX) and Phillips 66 (PSX). Plaintiffs claim exposure has caused serious health issues, prompting the litigation to hold manufacturers accountable. Studies have linked paraquat to the progressive brain disorder, emphasizing the need for transparency in product safety.
Phillips 66 Partners LP (NYSE: PSXP) reported third-quarter 2021 earnings of $242 million or $1.00 per diluted common unit, with cash from operations at $338 million and distributable cash flow of $268 million. Adjusted EBITDA increased to $367 million, up from $337 million in the previous quarter, driven by higher equity earnings from the Bakken and Gray Oak pipelines. On Oct. 19, the board declared a cash distribution of $0.875 per common unit. Additionally, an agreement for Phillips 66 to acquire all publicly held units was announced, expected to close in Q1 2022.
Phillips 66 reported strong third-quarter earnings of $402 million, or $0.91 per share, with adjusted earnings soaring to $1.4 billion, or $3.18 per share. The company generated $2.2 billion in operating cash flow while enhancing Midstream, Chemicals, and Marketing and Specialties divisions. Refining margins improved significantly despite a $1.3 billion impairment from hurricane impacts. The recent acquisition agreement for Phillips 66 Partners is valued at $3.4 billion. Additionally, the company set greenhouse gas emissions reduction targets and expanded its battery supply chain presence through an investment in NOVONIX.
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.
