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 reports news across its integrated downstream energy portfolio, including Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels. Company updates commonly address refining operations, NGL fractionation and LPG export capacity, refined-products logistics, chemical joint venture activity, renewable fuels, retail fuel marketing and completed asset additions such as the Lindsey Oil Refinery assets in the United Kingdom.
Recurring Phillips 66 announcements also cover quarterly results, dividend declarations, capital allocation, credit and liquidity updates, shareholder meetings, investor presentations, board governance and commercial developments tied to pipelines, terminals, storage, processing and fuel supply infrastructure.
Phillips 66 (NYSE: PSX) will participate in the 51st Annual Scotia Howard Weil Energy Conference on March 7, 2023, at 9:30 a.m. ET. CEO Mark Lashier and VP Jeff Dietert will discuss the company's strategies for enhancing shareholder value and maintaining disciplined capital allocation. The webcast can be accessed via the Phillips 66 Investors site, with a replay available the following day. Phillips 66 operates in various sectors, including Midstream, Chemicals, and Refining, and is committed to delivering energy responsibly while pursuing lower-carbon initiatives.
On March 2, 2023, Richard Harbison and Jeff Dietert from Phillips 66 (NYSE: PSX) will engage in a fireside chat at the Bank of America Securities 2023 Refining Conference at 12 p.m. ET. They will outline the company's commitment to delivering shareholder value and advancing strategic initiatives while maintaining disciplined capital allocation. Investors can access the event via the Phillips 66 Investors site. A replay will be available the following day, with a transcript released later. Phillips 66, headquartered in Houston, focuses on producing energy solutions while aiming for a lower-carbon future.
The board of directors of Phillips 66 (NYSE: PSX) has announced a quarterly dividend of $1.05 per share, marking an 8% increase. This dividend will be paid on March 1, 2023, to shareholders on record by February 21, 2023. President and CEO Mark Lashier emphasized that rewarding shareholders through a competitive dividend is a company priority, with a history of 12 dividend increases since 2012, resulting in a 17% compound annual growth rate. The company aims to return between $10 billion and $12 billion to shareholders by the end of 2024 through dividends and a share repurchase program.
In Q4 2022, Phillips 66 (PSX) reported earnings of $1.9 billion or $3.97 per share, a decrease from $5.4 billion in Q3. Adjusted earnings for the quarter were $4.00 per share. The company generated $4.8 billion in operating cash flow and returned $1.2 billion to shareholders via dividends and share repurchases, while increasing its share repurchase program by $5 billion. For the full year, earnings reached $11.0 billion or $23.27 per share. Future initiatives include an agreement to acquire DCP Midstream units for an increased stake and a $2 billion capital program aimed at enhancing operational efficiency.
Phillips 66 (NYSE: PSX) has announced that its Sweeny Refinery in Texas has received ISCC PLUS certification for processing pyrolysis oil derived from hard-to-recycle waste plastics into sustainable feedstocks. This certification demonstrates the company's commitment to a circular economy, where waste materials are reused. The refinery is now equipped to produce circular ethane, circular propane, and circular propylene, which will be utilized by Chemicals producers to advance sustainable plastic solutions. The Sweeny Refinery is the second Phillips 66 facility to obtain this certification, underscoring the company's focus on a lower-carbon future.
Phillips 66 has announced an all-cash acquisition of DCP Midstream, LP, for $41.75 per common unit, raising its economic interest in DCP to 86.8%. The transaction, valued at approximately $3.8 billion, is set to close in Q2 2023 and aims to generate at least $300 million in operational and commercial synergies and an incremental $1 billion in adjusted EBITDA. The deal has received unanimous approval from DCP's board and majority consent from its common unit holders. Funding will be through cash and debt while maintaining investment-grade credit ratings.
Phillips 66 (NYSE: PSX) will participate in a fireside chat at the Goldman Sachs Global Energy and Clean Technology Conference on Thursday, Jan. 5, 2023, at 11 a.m. ET. CEO Mark Lashier and the Executive Leadership Team will discuss the company’s commitment to delivering shareholder value and its disciplined capital allocation strategy. Interested parties can access the live webcast via the Phillips 66 Investors site, with a replay available the following day.
Phillips 66 (NYSE: PSX) will host a webcast at noon ET on January 31, 2023, to discuss its fourth-quarter 2022 financial results, which will be released earlier that day. Investors can access the webcast through the Events and Presentations section on the Phillips 66 Investors website. A replay will be available two hours post-event. Phillips 66 operates in various sectors including Midstream, Chemicals, Refining, and Marketing, while focusing on providing energy and pursuing a lower-carbon future.
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. The ratings reflect their strong balance sheet strength and adequate operating performance. Both companies benefit from being captive insurers for Phillips 66 (PSX). Their loss experience is favorable due to Phillips 66's effective loss control. However, both have exposure to low frequency, high severity claims, reliant on reinsurance, especially concerning terrorism coverage.
Phillips 66 (NYSE: PSX) has unveiled a $2 billion capital program for 2023, focusing on $865 million for sustaining capital and $1.1 billion for growth capital, half of which is earmarked for lower-carbon initiatives. The company aims to return $10 billion to $12 billion to shareholders through dividends and share repurchases by the end of 2024. Investments include enhancing their NGL platform and converting the Rodeo facility for renewable fuel production. Total projected capital for 2023, including joint ventures, is $3.1 billion.