Phillips 66 releases 2024 Sustainability and People Report

Rhea-AI Summary

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.

Positive

• Completed the transition of San Francisco Refinery into Rodeo Renewable Energy Complex.
• Progress on sustainability goals and GHG emissions reduction targets.
• Investments in employee development and innovations.

Negative

• None.

Company offers a look into how it is approaching the future of energy

HOUSTON--(BUSINESS WIRE)-- Phillips 66 (NYSE: PSX) released its 2024 Sustainability and People Report today, demonstrating the company’s approach to helping supply the world’s growing energy needs while advancing projects to reduce emissions and foster growth.

“This report is both a snapshot of our employees’ achievements and a roadmap for the future as we continue to deliver on our strategic priorities,” said Phillips 66 Chairman and CEO Mark Lashier. “Our successes in 2023 demonstrate our commitment to carrying out our mission of providing energy and improving lives. We are energized by the opportunities ahead as we pursue lower-carbon and other investments that are the right strategic fits for our business.”

For the first time, the company has merged its previous sustainability and human capital management disclosures into one report. This year’s publication focuses on Phillips 66’s 2023 sustainability performance and its approach to building a high-performing organization, including:

• Completing the transition and startup of its San Francisco Refinery into the Rodeo Renewable Energy Complex, one of the world’s largest renewable fuels facilities
• Making progress on sustainability goals and GHG emissions reduction targets, including methane emissions management
• Investing in employee development and building innovative teams to find new ways of working

Phillips 66 has published annual sustainability metrics and information since the company was founded in 2012. The company is committed to providing transparent and meaningful disclosures relating to its workforce practices and sustainability initiatives, including important performance data.

To read Phillips 66’s 2024 Sustainability and People Report, go to phillips66.com/sustainability.

About Phillips 66

Phillips 66 (NYSE: PSX) is a leading diversified and integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, and Marketing and Specialties businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

^{This news release contains forward-looking statements within the meaning of the federal securities laws. Words such as “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believes,” “continues,” “intends,” “will,” “would,” “objectives,” “goals,” “projects,” “efforts,” “strategies” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Forward-looking statements contained in this release include, but are not limited to, statements regarding the transition and startup of the San Francisco Refinery into the Rodeo Renewable Energy Complex, progress made on sustainability goals and GHG emissions targets, and investment in employee development and team building. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: fluctuations in NGL, crude oil, refined petroleum product and natural gas prices, and refining, marketing and petrochemical margins; changes in governmental policies or laws that relate to NGL, crude oil, natural gas, refined petroleum products, or renewable fuels that regulate profits, pricing, or taxation, or other regulations that limit or restrict refining, marketing and midstream operations or restrict exports; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum products; Phillips 66’s ability to timely obtain or maintain permits necessary for capital projects; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; Phillips 66’s ability to achieve the expected benefits of the integration of DCP Midstream, LP, including the realization of synergies; the success of Phillips 66’s business transformation initiatives and the realization of savings and cost reductions from actions taken in connection therewith; unexpected changes in costs for constructing, modifying or operating Phillips 66’s facilities; Phillips 66’s ability to successfully complete, or any material delay in the completion of, asset dispositions or acquisitions that Phillips 66 may pursue; unexpected difficulties in manufacturing, refining or transporting Phillips 66’s products; the level and success of drilling and production volumes around Phillips 66’s midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for Phillips 66’s NGL, crude oil, natural gas, and refined products; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; failure to complete construction of capital projects on time and within budget; Phillips 66’s ability to comply with governmental regulations or make capital expenditures to maintain compliance with laws; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact Phillips 66’s ability to repurchase shares and declare and pay dividends; potential disruption of Phillips 66’s operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments, including armed hostilities (such as the Russia-Ukraine war), expropriation of assets, and other political, economic or diplomatic developments; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to Phillips 66’s asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to Phillips 66’s business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates that Phillips 66 does not control; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in its filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.}

View source version on businesswire.com: https://www.businesswire.com/news/home/20240619615096/en/

Jeff Dietert (investors)

832-765-2297

jeff.dietert@p66.com

Owen Simpson (investors)

832-765-2297

owen.simpson@p66.com

Thaddeus Herrick (media)

855-841-2368

thaddeus.f.herrick@p66.com

Source: Phillips 66

FAQ

What did Phillips 66 achieve in its 2024 Sustainability and People Report?

Phillips 66 highlighted transitioning its San Francisco Refinery into the Rodeo Renewable Energy Complex and progress on GHG emissions reduction targets.

What major facility transition was completed by Phillips 66 in 2023?

Phillips 66 completed the transition of its San Francisco Refinery into the Rodeo Renewable Energy Complex, one of the world’s largest renewable fuels facilities.

How is Phillips 66 addressing sustainability in its operations?

Phillips 66 is addressing sustainability by reducing GHG emissions, managing methane emissions, and investing in renewable energy projects.

What is included in Phillips 66's 2024 Sustainability and People Report?

The report includes sustainability performance, employee development initiatives, and the transition of the San Francisco Refinery to the Rodeo Renewable Energy Complex.