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TortoiseEcofin announced updates to the Ecofin Global Digital Payments Infrastructure Index for Q1 2022. Notably, QIWI Plc will be removed from the index after the close of trading on March 18, 2022. Other deletions include Yiren Digital Ltd and Boku Inc. Additionally, Wise PLC will be added to the index. The TPAYMENT Index reflects companies involved in digital payments, highlighting the sector's growing importance.
TortoiseEcofin has announced its quarterly rebalancing updates for various indices, effective March 18, 2022. Notable deletions include Aalberts NV (AALB NA) and Sulzer AG (SUN SW) from the Ecofin Global Water ESG Index. New additions to this index include Kitz Corp (6498 JP) and Lixil Corp (5938 JP). The Ecofin Global Digital Payments Infrastructure Index will see deletions of Yiren Digital Ltd (YRD US) and Boku Inc (BOKU LN), while Wise PLC (WISE LN) will be added. The Tortoise Decarbonization Infrastructure Index will also delete Eos Energy Enterprises Inc (EOSE US) and Romeo Power Inc (RMO US).
Phillips 66 (NYSE: PSX) has successfully completed its merger with Phillips 66 Partners (NYSE: PSXP), acquiring all limited partnership interests not already owned. Each PSXP unitholder received 0.50 shares of PSX common stock for each PSXP common unit. As a result, PSXP's common units will no longer be publicly traded effective March 9, 2022. Phillips 66, headquartered in Houston, has a diverse portfolio in energy manufacturing and logistics, with approximately $56 billion in assets as of December 31, 2021.
TortoiseEcofin has announced that Phillips 66 Partners LP (NYSE:PSXP) will be removed from the Tortoise MLP Index and the Tortoise North American Pipeline Index due to its approved merger with Phillips 66 (NYSE:PSX). This removal will occur at market open on March 9, 2022. The rebalancing in both indices is triggered by corporate actions that exceed certain weighting thresholds. This change reflects the ongoing consolidation within the energy sector and showcases TortoiseEcofin’s adherence to its established methodologies.
Phillips 66 Partners LP (NYSE: PSXP) has submitted its annual report on Form 10-K for the fiscal year ending December 31, 2021, to the SEC. The report includes audited financial statements and can be accessed on the Partnership's website and the SEC’s site. Unitholders can request a hard copy of the report free of charge by contacting Phillips 66 in Bartlesville, OK. Phillips 66 Partners is a master limited partnership focused on owning and operating midstream assets, including pipelines and terminals for crude oil and natural gas liquids.
Phillips 66 Partners LP (PSXP) reported fourth-quarter 2021 earnings of $286 million, or $1.19 per diluted common unit. Adjusted EBITDA increased to $400 million from $367 million in the previous quarter, fueled by deferred revenue recognition and higher volumes. Cash from operations was $302 million with distributable cash flow of $267 million. The board declared a cash distribution of $0.875 per common unit. Phillips 66 also announced plans to acquire all publicly held units of PSXP, with the merger expected to close in Q1 2022.
Phillips 66 reported Q4 2021 earnings of $1.3 billion or $2.88 per share, with adjusted earnings of $1.3 billion or $2.94 per share. The company generated $1.8 billion in operating cash flow and approved a $1.9 billion capital program for 2022. They initiated operations of the C2G Pipeline and increased the quarterly dividend to 92 cents per share. Full-year 2021 results showed $6.0 billion in operating cash flow, with record earnings in Midstream, Chemicals, and Marketing.
Phillips 66 Partners LP (NYSE: PSXP) announced a cash distribution of $0.875 per common unit for the fourth quarter of 2021. This distribution is payable on February 14, 2022, to unitholders of record by January 31, 2022. The company operates in the midstream sector, focusing on crude oil, refined petroleum products, and natural gas pipelines and terminals. Notably, all distributions to foreign investors are subject to federal income tax withholding at the highest applicable rate.
Phillips 66 (NYSE: PSX) announced a $1.9 billion capital program for 2022, allocating $992 million for sustaining capital and $916 million for growth capital, with approximately 45% directed towards lower-carbon opportunities. The Midstream capital plan is set at $703 million, while refining will receive $896 million, focusing on safety, reliability, and the Rodeo Renewed project to produce renewable fuels. Total projected capital spending, including joint ventures, is approximately $3.0 billion.
Phillips 66 Partners LP (NYSE: PSXP) reported third-quarter 2021 earnings of $242 million or $1.00 per diluted common unit, with cash from operations at $338 million and distributable cash flow of $268 million. Adjusted EBITDA increased to $367 million, up from $337 million in the previous quarter, driven by higher equity earnings from the Bakken and Gray Oak pipelines. On Oct. 19, the board declared a cash distribution of $0.875 per common unit. Additionally, an agreement for Phillips 66 to acquire all publicly held units was announced, expected to close in Q1 2022.
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