Phillips 66 - PSX STOCK NEWS

Phillips 66 (PSX) announces a quarterly dividend of $1.05 per share on common stock, payable on March 1, 2024, to shareholders of record as of Feb. 20, 2024.

Phillips 66 (NYSE: PSX) announced fourth-quarter earnings of $1.3 billion or $2.86 per share; adjusted earnings of $1.4 billion or $3.09 per share. The company provided an update on progress towards strategic priorities and distributed over 50% of its operating cash flow to shareholders through dividends and share repurchases in 2023. Midstream pre-tax income was $756 million, up from $712 million in the third quarter, and the Chemicals segment reported $106 million in pre-tax income, in line with the previous quarter. Refining pre-tax income was $814 million, down from $1.7 billion in the third quarter. Marketing and Specialties reported pre-tax income of $432 million, down from $633 million in the previous quarter. Corporate and Other pre-tax costs were $347 million, compared with $346 million in the third quarter. Phillips 66's financial position shows $2.2 billion in cash from operations in the fourth quarter of 2023, with $3.3 billion of cash and cash equivalents and $6.4 billion of committed capacity available under credit facilities.

Phillips 66 (NYSE: PSX) CEO and executives to participate in Goldman Sachs Energy, CleanTech & Utilities Conference to discuss strategic priorities and shareholder value

AM Best affirms Spirit Insurance Company (Spirit) and Radius Insurance Company (Radius) with A (Excellent) Financial Strength Rating and 'a' Long-Term Issuer Credit Ratings. The outlook for these ratings is stable. Spirit and Radius have very strong balance sheet strength, adequate operating performance, and neutral business profile. They are captive insurers for Phillips 66 [NYSE: PSX] and have favorable loss experience due to strong loss control program and limited catastrophe losses.

Phillips 66 (NYSE: PSX) will host a webcast on Jan. 31, 2024, to discuss its Q4 and full-year 2023 financial results. The webcast will be available on the company's Investors site, with a replay and transcript to follow.

Phillips 66 (PSX) announces a 2024 capital budget of $2.2 billion, allocating $923 million for sustaining capital and $1.3 billion for growth capital. The budget reflects disciplined capital allocation and strategic priorities, including investments in NGL wellhead-to-market value chain, Rodeo renewable fuels facility, and Refining performance enhancement. Plans to return $13-15 billion to shareholders by 2024. Historical average sustaining capital spend was $1 billion/year, now reduced to $700 million due to efficiencies from business transformation.

Phillips 66 (PSX) issues a statement in response to a letter from Elliott Investment Management L.P., welcoming shareholder perspectives and valuing their input. The company plans to continue constructive dialogue with Elliott, believing in the successful execution of strategic priorities to drive substantial stock price performance. They have announced enhancements including raising shareholder distributions target to $13-15 billion, monetizing over $3 billion of non-core assets, returning at least 50% of operating cash flow to shareholders, increasing business transformation run-rate savings target to $1.4 billion by 2024, and raising mid-cycle adjusted EBITDA target to $14 billion by 2025.

Phillips 66® (PSX) Launches GO GO GO™ Branded Fuels Campaign with Exciting Promotions and Brand Activations

Phillips 66 sponsors the Bedlam Series college football game between Oklahoma and Oklahoma State, featuring a pre-game concert by Dustin Lynch. The concert is free and open to all. Phillips 66 also launches the GO GO GO campaign to promote movement and excitement in people's lives.