Phillips 66 Stock Price, News & Analysis

ArcLight Capital Partners has completed the acquisition of a 25% equity interest in Gulf Coast Express Pipeline (GCX) from Phillips 66 for $865 million. GCX will now be jointly owned by Kinder Morgan (NYSE: KMI) and ArcLight affiliates, with KMI continuing operations.

GCX is a 500-mile natural gas pipeline with approximately 2 Bcf/d capacity, supported by long-term committed contracts. The pipeline provides critical gas takeaway service from the Permian Basin to US Gulf Coast markets, including LNG export facilities in South Texas.

ArcLight, which has managed over 47,000 miles of electric and gas transmission since 2001, views this acquisition as strategic positioning for growing power demand needs, particularly related to AI and data center infrastructure. The company sees GCX as well-positioned to benefit from increasing Permian production and long-term LNG, power, and industrial demand growth.

Renegade Infrastructure has announced securing an inaugural equity capital commitment from Energy Spectrum Partners VIII LP. The Houston-based company, established in late 2024, focuses on developing and acquiring midstream energy infrastructure across North America's Lower 48. Drew Ward, Renegade's Founder & CEO, previously led the successful sale of Pinnacle Midstream II to Phillips 66 (NYSE: PSX) in July 2024.

The executive team includes Partner & CFO Jason Tanous, who brings 18 years of industry experience and previously served at Pinnacle Midstream I & II. J. Greg Sargent, Founder and CEO of the Pinnacle Midstream franchises, has been appointed as Senior Advisor to the Renegade Board of Managers. This marks the second partnership between Ward, Tanous, and Energy Spectrum Capital.

Phillips 66 (PSX) reported fourth-quarter 2024 earnings of $8 million ($0.01 per share), with an adjusted loss of $61 million (-$0.15 per share). The quarter's performance was impacted by $230 million pre-tax accelerated depreciation related to the Los Angeles Refinery.

Key highlights include returning $1.1 billion to shareholders through dividends and share repurchases, achieving record NGL fractionation and LPG export volumes in Midstream, and record clean product yield in Refining. For full-year 2024, the company reported earnings of $2.1 billion ($4.99 per share) and adjusted earnings of $2.6 billion ($6.15 per share), generating $4.2 billion in operating cash flow.

The company achieved $1.5 billion in run-rate business transformation savings and $500 million in synergy capture from DCP integration. Looking forward, Phillips 66 announced new targets through 2027, including debt reduction to $17 billion and returning over 50% of operating cash flow to shareholders.

Cyclum NextGen Travel Centers has announced a branding agreement with Phillips 66 to use its iconic 76® brand for its next-generation travel centers. The partnership will combine Phillips 66's fuel expertise with Cyclum's zero-carbon energy vision. The travel centers will offer multiple fuel solutions, including 76 Branded Gasoline, 76 Branded Renewable Diesel, hydrogen, compressed natural gas (CNG), and electric vehicle charging.

Cyclum plans to build 400 state-of-the-art travel centers nationwide, providing superior fresh food options and amenities for both motorists and professional drivers. The company has also entered racing with a 76® branded car driven by Kole Raz in the ARCA and Xfinity series for 2025, aiming to enhance brand visibility and engage fleet operators for long-term fuel contracts.

NCR Voyix (NYSE: VYX) has announced the implementation of its AI-powered bulk scanning self-checkout solution, NCR Voyix Halo Checkout, at a Phillips 66 branded Mach 1 station since November 2024. The solution, now available for pre-order across the US, Canada, UK and EU, can simultaneously scan up to 20 products and reduce checkout time by nearly 50%.

The system integrates Everseen's Evershow technology, using cameras and AI for instant product recognition regardless of orientation. Key benefits include enhanced shopping experience through the NCR Voyix Commerce Platform, high accuracy recognition with 'Attendant-Based Learning' capability, an intuitive self-learning model, and improved operational efficiency with advanced monitoring to reduce shrinkage.

The solution is available as a table top offering or an add-on to existing self-checkout systems, allowing retailers to scale based on shopper feedback and store demographics.

EPIC Y-Grade has announced the sale of its natural gas liquids (NGL) business to Phillips 66 (NYSE: PSX) for $2.20 billion in cash, subject to customary adjustments. The transaction includes EPIC's long haul natural gas liquids pipelines and fractionation facilities serving the Permian and Eagle Ford basins.

The company's assets include NGL facilities in Corpus Christi and Sweeny with downstream interconnectivity. CEO Brian Freed highlighted that this transaction validates their team, strategy, and execution. Jeffries and Kirkland & Ellis LLP served as financial and legal advisors, respectively, for the transaction.

Phillips 66 (NYSE:PSX) has announced a definitive agreement to acquire EPIC NGL for $2.2 billion in cash. The acquisition includes EPIC Y-Grade GP, and EPIC Y-Grade, LP, which own natural gas liquids pipelines, fractionation facilities, and distribution systems.

The EPIC NGL assets comprise two fractionators (170 MBD) near Corpus Christi, 350 miles of purity distribution pipelines, and an 885-mile NGL pipeline (175 MBD) connecting Delaware, Midland, and Eagle Ford basins to fractionation complexes and Phillips 66 Sweeny Hub. EPIC NGL is expanding pipeline capacity to 225 MBD with plans for further expansion to 350 MBD. A potential third fractionation facility could increase capacity to 280 MBD.

The transaction is expected to be immediately accretive to earnings per share and will strengthen Phillips 66's position in the downstream energy sector while optimizing its Permian NGL value chain.

Phillips 66 (NYSE: PSX) announced its leadership team's upcoming participation in the Goldman Sachs Energy, CleanTech & Utilities Conference. Chairman and CEO Mark Lashier, along with other executive leaders, will engage in a fireside chat on January 7, 2025, at 10:20 a.m. ET.

The discussion will focus on the company's strategic priorities across segments and its commitment to disciplined capital allocation to enhance shareholder value. The event will be accessible via webcast through the Phillips 66 Investors website, with a replay and transcript available afterward.

Laser Photonics (NASDAQ: LASE) has secured a dual order from Phillips 66, a Fortune 500 oil refiner, for its CleanTech IR-3040 and MarkStar PM-2010 laser systems. The CleanTech IR-3040, a handheld laser cleaning system, will be used for scale removal during pipe and vessel maintenance and surface preparation. The MarkStar PM-2010, a desktop laser marking system, will mark data plates for refinery pressure vessels. Phillips 66 plans to test these technologies at its pioneer site to potentially replace traditional sandblasting processes, aiming to optimize operations, improve safety, and reduce environmental impact.