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Phillips 66 reported strong third-quarter earnings of $402 million, or $0.91 per share, with adjusted earnings soaring to $1.4 billion, or $3.18 per share. The company generated $2.2 billion in operating cash flow while enhancing Midstream, Chemicals, and Marketing and Specialties divisions. Refining margins improved significantly despite a $1.3 billion impairment from hurricane impacts. The recent acquisition agreement for Phillips 66 Partners is valued at $3.4 billion. Additionally, the company set greenhouse gas emissions reduction targets and expanded its battery supply chain presence through an investment in NOVONIX.
Phillips 66 Partners (NYSE: PSXP) has canceled its webcast set for 2 p.m. EDT on Oct. 29, 2021, where it intended to discuss its third-quarter 2021 financial results. The Partnership will still release its financial results on the same date. Based in Houston, PSXP operates fee-based pipelines and terminals for crude oil and refined products, contributing significantly to its revenue stream.
Phillips 66 will acquire all publicly held common units of Phillips 66 Partners (PSXP) in an all-stock transaction valued at approximately
Phillips 66 (NYSE: PSX) has announced an agreement to acquire all publicly held common units of Phillips 66 Partners (NYSE: PSXP) not already owned by it, in an all-stock transaction valued at approximately $3.4 billion. Each PSXP unitholder will receive 0.50 PSX shares for each PSXP common unit. This acquisition aims to simplify corporate governance and is expected to close in the first quarter of 2022. The board of both companies has unanimously approved the transaction, which will position the partnership as a wholly owned subsidiary of Phillips 66.
Phillips 66 Partners LP (NYSE: PSXP) has declared a third-quarter 2021 cash distribution of $0.875 per common unit, translating to $3.50 annually. This distribution will be payable on November 12, 2021, to unitholders of record by October 29, 2021. The company operates primarily in crude oil, refined products, and natural gas pipelines and terminals. It is a master limited partnership formed by Phillips 66, headquartered in Houston.
Phillips 66 (NYSE: PSX) and Plug Power (NASDAQ: PLUG) have signed a memorandum of understanding to collaborate on developing low-carbon hydrogen business opportunities. The partnership aims to scale green hydrogen in industrial sectors and enhance hydrogen fueling for mobility. Plug Power is constructing facilities to produce 500 tons of liquid green hydrogen daily by 2025. The collaboration leverages Phillips 66's extensive energy infrastructure and market presence to accelerate growth in the hydrogen economy.
The board of directors of Phillips 66 (NYSE: PSX) has declared a quarterly dividend of 92 cents per share, marking a 2% increase. This dividend will be payable on December 1, 2021, to shareholders of record as of November 17, 2021. The company also repaid $500 million of its borrowings under a term loan agreement. Chairman and CEO Greg Garland highlighted their commitment to shareholder returns, noting a total of 10 dividend increases since 2012 and a 18% compound annual growth rate in dividends, alongside a $1 billion reduction in debt this year.
Phillips 66 (NYSE: PSX) announced plans to reduce greenhouse gas emissions intensity by 30% for Scope 1 and Scope 2 emissions and 15% for Scope 3 emissions by 2030, using 2019 levels as a baseline. The Chairman and CEO, Greg Garland, highlighted that these targets aim to drive innovation and create shareholder value while aligning with the Paris Agreement's ambitions. The company will enhance energy efficiency, increase renewable fuel production, and implement carbon capture technologies, all while maintaining a disciplined approach to capital allocation.
Phillips 66 (NYSE: PSX) will host a webcast at noon EDT on Friday, Oct. 29, to discuss its third-quarter 2021 financial results. The results will be released earlier that day, along with updates on strategic initiatives. The webcast can be accessed via the Phillips 66 Investors site, with a replay available shortly after the event.
As of June 30, 2021, Phillips 66 managed $57 billion in assets and employs over 14,000 individuals globally.
Phillips 66 Partners (NYSE: PSXP) will hold a webcast at 2 p.m. EDT on Friday, Oct. 29 to discuss its third-quarter 2021 financial results and operational updates. The results will be released earlier that day. Investors can access the webcast through the Events and Presentations section of the Phillips 66 Partners Investors site, with a replay available two hours post-event. Headquartered in Houston, Phillips 66 Partners focuses on owning and operating midstream assets, including pipelines and terminals.
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