Phillips 66 - PSX STOCK NEWS

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.

Phillips 66 reported first-quarter earnings of $748 million, with adjusted earnings of $822 million. The company returned $1.6 billion to shareholders and saw a 10% increase in quarterly dividends. Despite challenges from maintenance and rising commodity prices, Phillips 66 remains on track to achieve its strategic priorities, including divesting non-core assets and launching the Rodeo Renewable Energy Complex.

Phillips 66 (PSX) announces a 10% increase in quarterly dividend to $1.15 per share, reflecting confidence in mid-cycle cash flow generation and capital allocation strategy. The company has a history of steady dividend growth with a compound annual growth rate of 16%. CEO Mark Lashier emphasizes the commitment to delivering shareholder value through strategic priorities.

Phillips 66 collaborates with KC Parks and Rec to revamp basketball courts in Parade Park community, contributing $100,000. The project aims to provide safer sports access for youth athletes and community members, aligning with the company's commitment to local communities and accessibility to sports. The initiative is part of the larger effort to revitalize the area, including the announcement of an extensive housing redevelopment plan by Mayor Lucas.

Phillips 66 (PSX) achieves a major milestone in converting the San Francisco refinery into the Rodeo Renewable Energy Complex, producing 30,000 barrels per day of renewable diesel. The project aims to increase production to 800 million gallons per year by Q2, 2022, positioning Phillips 66 as a leader in renewable fuels.

Phillips 66 (PSX) will host a webcast to discuss their first-quarter 2024 financial results. The event will take place on April 26, 2024, at noon ET. Investors can access the webcast on the Phillips 66 Investors site. A replay and transcript will be available post-event.

Phillips 66 executives Richard Harbison and Jeff Dietert will participate in a fireside chat at the BofA Securities Refining Conference 2024 to discuss the company's strategic priorities for delivering shareholder value and disciplined capital allocation.