PHILLIPS 66 - PSX STOCK NEWS

Phillips 66 (NYSE: PSX) has appointed Grace Puma Whiteford to its board of directors, effective Oct. 10. She will serve on the Human Resources and Compensation Committee and the Public Policy and Sustainability Committee. Puma Whiteford brings extensive experience in operations, procurement, and safety, having retired in 2022 as executive vice president and chief operations officer at PepsiCo. She currently serves on the boards of Target and Organon & Co.

Puma Whiteford has been recognized for her leadership, including being named to Fortune magazine's Most Powerful Latina list multiple times and inducted into the inaugural Most Powerful Latinas Hall of Fame. With her appointment, the Phillips 66 board now consists of 14 directors, with 13 being independent.

Phillips 66 (NYSE: PSX) has announced it will release its third-quarter 2024 financial results on Tuesday, October 29, 2024. The company's executive management will host a webcast at noon ET on the same day to discuss these results. Investors and interested parties can access the webcast through the Events and Presentations section of the Phillips 66 Investors website at phillips66.com/investors. For those unable to attend the live event, a replay of the webcast will be archived on the same page approximately two hours after the event concludes. Additionally, a transcript of the webcast will be made available at a later date.

Phillips 66 (NYSE: PSX) reported strong second-quarter 2024 results, with earnings of $1.0 billion or $2.38 per share, and adjusted earnings of $984 million or $2.31 per share. The company returned $1.3 billion to shareholders through dividends and share repurchases. Key highlights include:

- Record Midstream NGL pipeline and fractionation volumes
- Strong Refining operations with 98% crude utilization and 86% clean product yield
- Achieved $1.3 billion in run-rate business transformation savings
- Progressed asset dispositions, including the sale of Rockies Express Pipeline stake for $685 million
- Completed conversion of Rodeo Renewable Energy Complex

The company is on track to achieve its $13-15 billion shareholder return target by year-end and continues to focus on strategic priorities and operational excellence.

Phillips 66 (NYSE: PSX), a leading energy provider, has selected Cohesity to modernize its data protection operations. By implementing Cohesity DataProtect, Phillips 66 has consolidated its previously fragmented data protection environment, which consisted of five separate tools. This consolidation has resulted in:

1. Reduced management time and increased efficiency
2. Enhanced data security
3. Cost savings over a three-year period
4. Decreased cloud costs
5. Improved focus on value-driving activities

The move allows Phillips 66 to implement comprehensive security features and future-proof its business. Rick Snell, Phillips 66's Digital Foundations and Enterprise Architecture manager, expressed confidence in the advanced security capabilities provided by Cohesity's platform approach.

Phillips 66 (NYSE: PSX) has announced a quarterly dividend of $1.15 per share on its common stock. The dividend is set to be paid on September 3, 2024, to shareholders who are recorded as of August 20, 2024. This announcement underscores the company's ongoing commitment to returning value to its shareholders.

Phillips 66 (NYSE: PSX) announced the full conversion of the Rodeo Renewable Energy Complex, boosting its renewable fuel production to approximately 50,000 barrels per day (BPD) or 800 million gallons per year. This milestone, reached by the second quarter of 2024, underscores the company's efforts in energy transition and commitment to lower-carbon solutions. The Rodeo facility produces renewable diesel and sustainable aviation fuel (SAF) using feedstocks like used cooking oil and vegetable oils. This development supports the rising demand for renewable fuels and aims to create long-term value for shareholders.

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.