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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 (NYSE: PSX) has published its 2024 Sustainability and People Report, combining sustainability and human capital management disclosures for the first time. The report highlights the company's efforts in supplying global energy needs while reducing emissions. Key achievements include the transition of its San Francisco Refinery into the Rodeo Renewable Energy Complex and progress in meeting greenhouse gas (GHG) emission reduction targets. Additionally, the report emphasizes investing in employee development and fostering innovation. Phillips 66 has been transparent in its sustainability practices since its inception in 2012.
Phillips 66 (NYSE: PSX) announced the sale of its 25% non-operated common equity interest in Rockies Express Pipeline (REX) to Tallgrass Energy subsidiary for an enterprise value of $1.275 billion.
This transaction will generate pre-tax cash proceeds of $685 million for Phillips 66 after adjustments. The sale is a part of the company’s initiative to deliver over $3 billion in asset divestitures.
The proceeds will support Phillips 66's strategic priorities, including returns to shareholders. The transaction, expected to close today, will result in Tallgrass Energy owning 100% of REX.
Phillips 66 (NYSE: PSX) will release its second-quarter 2024 financial results on July 30, 2024. The company will host a webcast at noon ET the same day to discuss these results, accessible through the Phillips 66 Investors site. A replay will be available two hours after the event, and a transcript will be provided later.
Phillips 66 announces the launch of a binding open season for shipper commitments on its Blue Line System. The system, operated by Phillips 66 Pipeline, will transport propane and butane from Wichita, Kansas, to Jefferson City, Missouri, and East St. Louis, Illinois. The open season starts on June 7, 2024, and will remain open until July 6, 2024. The transportation services are expected to commence in the winter season of 2024, pending FERC approval. Interested parties must sign a confidentiality agreement to participate.
Phillips 66 (NYSE: PSX) announced that Mark Lashier, chairman and CEO, will participate in a fireside chat at the J.P. Morgan 2024 Energy, Power & Renewables Conference on June 18, 2024, at 10:55 a.m. ET. Alongside Lashier, Kevin Mitchell, executive vice president and CFO, and Jeff Dietert, vice president of Investor Relations, will attend. The discussion will cover the company's strategic priorities and commitment to disciplined capital allocation. The event will be webcast live, with a replay and transcript available later on the Phillips 66 Investors site.
Phillips 66 (NYSE: PSX) announced it will acquire Pinnacle Midland Parent from Energy Spectrum Capital for $550 million. This move aims to expand Phillips 66's natural gas gathering and processing capabilities in the Midland Basin. Pinnacle's assets include the Dos Picos natural gas system, featuring a 220 MMcf/d gas processing plant, 80 miles of pipeline, and 50,000 dedicated acres. The acquisition aligns with Phillips 66's strategy to enhance its midstream business, integrate its asset portfolio, and create sustainable value for shareholders. The deal is expected to close by mid-2024, pending customary closing conditions and regulatory approvals.
Phillips 66 (NYSE: PSX) will host its 2024 Annual Meeting of Shareholders on May 15, 2024, in a virtual-only format. Shareholders can access the meeting online with a control number. A replay and transcript will be available post-meeting.
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